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AllBank issue opens today

Hyderabad, Oct. 22 (PTI): Allahabad Bank will enter the capital market tomorrow to raise Rs 100 crore through an initial public offer (IPO) of ten crore equity shares priced at Rs 10 each. The offer will remain open for subscription till October 31. The scrip will be listed on Mumbai, Calcutta and National stock exchanges.

According to bank officials, the issue will bring down governmentís holding in the bank by 28.84 per cent to 71.16 per cent from 100 per cent at present.

The issue will also enhance its capital adequacy ratio (CAR). The bank currently has a comfortable CAR of 10.62 per cent as on March 31 as against RBIís stipulated norm of nine per cent.

The bank has stipulated legal proceedings against recovery of NPAs amounting to Rs 84 crore and registered a deposit of Rs 22,666 crore, a growth of 12 per cent.

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