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Allahabad Bank issues 5.65 crore shares on preferential basis to GoI

Allahabad Bank has issued and allotted 5,65,24,678 new equity shares of face value of Rs 10 of the bank preferential basis  to the Government of India (GoI) for cash at an issue price of Rs 73.95 per equity share. The total value of shares allotted to the government stands over Rs 417.99 crore. The issue price includes a premium of Rs 63.95 per equity share.

The bank has recently reviewed one year Marginal Cost of Funds based Lending Rate (MCLR) to 8.50% per annum (p.a.) with effect from July 10, 2017. The Bank had also reviewed the overnight, 1 month, 3 month and 6 month MCLR to 8.00% p.a., 8.10% p.a., 8.30% p.a. and 8.40% p.a. respectively.

Moreover, the Bank had introduced 2 years and 3 years MCLR with 8.70% p.a. and 8.75% p.a. respectively.

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