Allahabad Bank eyes ?270-cr mop up

February 5, 2018

Allahabad Bank is aiming to raise ?250-270 crore from the employee share offer which started from January 31, 2018, a top official of the bank has said.

 “We plan to raise between ?250 crore and ?270 crore as capital from the employee share offer. The bank is giving a 25 per cent discount on pricing at ?53.94 a share to the employees,” MD and CEO of Allahabad Bank Usha Ananthasubramanian said.

She said Allahabad Bank is the first among the PSBs to offer share to its employees and got the approval of the board, RBI, SEBI and the Finance Ministry. The offer would remain open for two weeks. The lender is also planning to come with a QIP issue to raise around ?1,000 crore, she said.

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