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Allahabad Bank has issued shares worth Rs 418 cr on pref basis

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Allahabad Bank has issued over 5.65 crore equity shares on preferential basis to the government at an issue price of Rs 73.95 each.

Allahabad Bank has said in a regulatory filing that “the bank has on date issued and alloted 5,65,24,678 new equity shares of face value of Rs 10 of the bank to the Government of India… for cash at an issue price of Rs 73.95 per equity share.”

The total value of shares allotted to the government, at this rate, stands over Rs 417.99 crore.

The issue price does include a premium of Rs 63.95 per equity share.

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