Allahabad Bank rose 1.13% to Rs 94.25 at 9:16 IST on BSE after the bank said it has allotted 4.45 crore equity shares at Rs 89.72 per share to the Government of India on preferential allotment basis.
The announcement was made before market hours today, 26 December 2013.
Meanwhile, the S&P BSE Sensex was up 26.43 points or 0.13% at 21,059.14.
On BSE, so far 5,195 shares were traded in the counter as against average daily volume of 3.46 lakh shares in the past one quarter.
The stock hit a high of Rs 94.25 and a low of Rs 94 so far during the day. The stock had hit a 52-week high of Rs 190.80 on 18 January 2013. The stock had hit a 52-week low of Rs 64.90 on 28 August 2013.
The stock had outperformed the market over the past one month till 24 December 2013, surging 7.31% compared with the Sensex's 4.03% rise. The scrip had also outperformed the market in past one quarter, jumping 17.45% as against Sensex's 5.58% rise.
The mid-cap bank has equity capital of Rs 500.03 crore. Face value per share is Rs 10.
Allahabad Bank today, 26 December 2013 said that the shareholders of the bank through a special resolution at an extraordinary general meeting held on Tuesday, 24 December 2013, approved the issue and allotment of 4.45 crore equity shares at Rs 89.72 per share on preferential basis to the Government of India (GoI) against capital infusion of Rs 400 crore in the bank and raising of capital of upto Rs 320 crore through qualified institutional placement (QIP) in such a manner that the shareholding of GoI in the bank will not fall below 55.24% of the total paid-up capital of the bank.
Allahabad Bank's net profit rose 17.8% to Rs 275.81 crore on 15.7% growth in total income to Rs 5303.06 crore in Q2 September 2013 over Q2 September 2012.
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