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Government to infuse Rs 3,054 crore in Allahabad Bank in FY19

The government has plans to infuse Rs 42,000 crore in the state-owned banks by March-end.

ETMarkets.com|
Dec 06, 2018, 04.02 PM IST
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It earlier this year pumped Rs 11,336 crore in five PSBs -- PNB, Allahabad Bank, Indian Overseas Bank, Andhra Bank and Corporation Bank -- to improve their financial health.
The government is set to infuse Rs 3,054 crore into Allahabad Bank this fiscal as part of its broader recapitalisation objective.

"Raising equity capital of the bank by an amount aggregating up to Rs 3,054 crore (including premium) through Preferential Issue of equity shares to the Government of India (President of India) against their capital infusion of Rs 3,054 crore in the Bank, subject to requisite approval of shareholders and other statutory/ regulatory authorities," the state-owned bank said in a filing to the BSE.

The government has plans to infuse Rs 42,000 crore in the state-owned banks by March-end.

It earlier this year pumped Rs 11,336 crore in five PSBs -- PNB, Allahabad Bank, Indian Overseas Bank, Andhra Bank and Corporation Bank -- to improve their financial health.

The scrip settled 2.19 per cent down at Rs 44.75 on Thursday while the benchmark Sensex fell 1.59 per cent at 35,312.13.
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