Allahabad Bank gains on planning to raise capital in FY20

Allahabad Bank is currently trading at Rs. 55.75, up by 1.05 points or 1.92% from its previous closing of Rs. 54.70 on the BSE.

The scrip opened at Rs. 55.30 and has touched a high and low of Rs. 56.10 and Rs. 55.20 respectively. So far 77547 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 58.80 on 11-Mar-2019 and a 52 week low of Rs. 33.25 on 09-Oct-2018.

Last one week high and low of the scrip stood at Rs. 58.80 and Rs. 53.15 respectively. The current market cap of the company is Rs. 11469.69 crore.

The promoters holding in the company stood at 79.41%, while Institutions and Non-Institutions held 11.42% and 9.17% respectively.

Allahabad Bank is planning to raise capital in the next financial year. The bank would be consider the options of dilution of stake in the general insurance joint venture Universal Sompo and sell off non-core assets like properties in places like Mumbai.

The bank is targeting to raise Rs 250 crore to Rs 300 crore by sell of non-core assets like properties. Further, bank will raise 500 crore in the next fiscal by way of Universal Sompo dilution of stakes.

Allahabad Bank is a nationalised bank with its headquarters in Kolkata. It is the oldest joint stock bank in India.

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