AllBank plans HK, Kazakh operations

Allahabad Bank plans to kick off operations in Hong Kong and Kazakhstan. In its Red Herring prospectus submitted to the Securities and Exchange Board of India (Sebi), the bank said: "We plan to establish operations in Hong Kong and have entered into a joint venture with Punjab National Bank for our banking operations in Kazakhstan."

The international expansion may lead to management issues as well as tax, legal, foreign exchange and other risks, it said in the prospectus. he bank plans to raise Rs 900 crore through its public issue that is likely to open on April 6.

It will issue 10 crore shares. Post issue, the government holding in the bank will come down to around 55.23 per cent against 71.16 per cent, and the public holding will increase to 44.77 per cent from 28.84 per cent.

On the BSE the bank scrip gained 11 per cent to close at Rs 100.10 on Monday.