 "Allahabad Bank awaits govt nod to raise Rs 320 cr")
State-runAllahabad Bank today said it was awaiting permission from the centralgovernment before raising Rs 320 crore through a qualified institutionalplacement (QIP).
"Wehave got the approval from the Reserve Bank of India (RBI). We are awaitingapproval from the government. Once it comes, depending on the marketconditions, we will launch the issue. Hopefully, we will be able to raise moneybefore June 30," Rakesh Sethi, chairman and managing director of AllahabadBank, said.
Headded that the bank was not in immediate need of funds as corporate creditdemand continues to remain tepid.
"Wehave got the approval from the Reserve Bank of India (RBI). We are awaitingapproval from the government. Once it comes, depending on the marketconditions, we will launch the issue. Hopefully, we will be able to raise moneybefore June 30," Rakesh Sethi, chairman and managing director of AllahabadBank, said.
Headded that the bank was not in immediate need of funds as corporate creditdemand continues to remain tepid.