Allahabad Bank up over 2.5%

Allahabad Bank is up over 2.5% at Rs.95.95, its current intra day high. Around 2 lakh shares have changed hands since morning.

The stock is in the limelight after the Bank announced today that the shareholders of the bank through a special resolution at an EGM held on Tuesday, 24 December 2013, approved the issue and allotment of equity shares 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.