Allahabad Bank planning to raise equity capital worth Rs 4,000 crore

State-owned Allahabad Bank Tuesday is planning to raise up to Rs 4,000 crore equity capital by various means including public issue. The decision was taken at the bank's board meeting held Tuesday. Shares of Allahabad Bank unexpectedly closed 2.66 per cent down at Rs 51.20 on the BSE.

"The board of directors of the bank in its meeting held on date, inter alia, approved for raising equity capital of the bank by an amount aggregating up to Rs 4,000 crore including premium by way of issue, offer and allotment of new equity shares of the bank either by way of public issue, rights issue, qualified institutions placements (QIPs) or in combination thereof in one or more tranches," Allahabad Bank said in a regulatory filing.