Allahabad Bank today informed the Bombay Stock Exchange that the Board of Directors of the Bank has given their approval to raise Rs 1,400 crore via debt instruments. The funds will be raised in the form of innovative perpetual debt Instrument (Tier One Capital), debt capital instrument (Upper Tier Two Bonds) and subordinated debts (Tier Two Capital) in the current financial year to support the Bank's business plans.
Post this announcement, the share gained Rs 3.50 or 1.74 per cent. It was trading at Rs 204.50 while the Sensex was up 67.08.
