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Allahabad Bank raises Rs 459 cr by issuing pref shares to LIC

Allahabad Bank has raised Rs 459.40 cr by issuing shares to LIC.

Written by Agencies | New Delhi | Published: April 2, 2012 3:43:42 pm

State-owned Allahabad Bank has raised Rs 459.40 crore by issuing shares to Life Insurance Corporation (LIC) on preferential basis.

The bank has allotted 2.3 crore shares of Rs 10 each at a premium of Rs 182.94 amounting to Rs 459.40 crore on preferential allotment basis to LIC and its various scheme,Allahabad Bank said in a filing on the BSE today.

In a separate announcement,the bank said T R Chawla took over as the Executive Director of bank today.

Chawla replaces D Sarkar,who has been appointed as Chairman and Managing Director of Union Bank of India.

The Kolkata-based bank got a capital infusion of Rs 670 crore from the government in 2010-11.

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