Allahabad Bank gains on plans of raising up to Rs 500 crore through Private Placement

Allahabad Bank is currently trading at Rs. 119.00, up by 0.85 points or 0.72 % from its previous closing of Rs. 118.15 on the BSE. The scrip opened at Rs. 118.50 and has touched a high and low of Rs. 120.05 and Rs. 116.75 respectively. So far 90772 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 150.00 on 11-Jun-2014 and a 52 week low of Rs. 72.45 on 17-Feb-2014. Last one week high and low of the scrip stood at Rs. 122.90 and Rs. 113.70 respectively. The current market cap of the company is Rs. 6489.02 crore. The promoters holding in the company stood at 58.90 % while Institutions and Non-Institutions held 26.97 % and 14.12 % respectively. Allahabad Bank is planning to raise BASEL III compliant Tier II Bonds aggregating up to Rs 500.00 crore through Private Placement in one or more trenches during the current FY 2014-15. The bank has registered 48.71% fall in its net profit at Rs 141.44 crore for second quarter ended September 30, 2014 under review as compared to Rs 275.81 crore for the same quarter in the previous year. However, total income of the bank has increased 2.14% at Rs 5416.63 crore for Q2FY15 as compared Rs 5303.06 crore for the corresponding quarter previous year. Gross non-performing assets (NPAs) increased to 5.36% in the July-September quarter as against 4.94% in the same quarter previous year, while net NPAs stood to 3.54%.