Financial Daily from THE HINDU group of publications
Tuesday, Apr 05, 2005
Financial Daily from THE HINDU group of publications Tuesday, Apr 05, 2005 |
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Markets
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IPOs Money & Banking - IPOs Allahabad Bank IPO price band at Rs 75-82 Our Bureau
Mumbai , April 4 ALLAHABAD Bank has fixed the price band for its forthcoming issue of equity shares between Rs 75 and Rs 82. The issue opens on April 6 and will close on April 12, said a press release from the bank. The bank proposes to issue 10-crore equity shares through the second public issue. Of the 10-crore shares, one crore are reserved for employees and another one crore for existing shareholders. Of the eight crore shares for public issue, four crore are reserved for allotment to Qualified Institutional Buyers and 1.2-crore shares are reserved for allotment to non-institutional buyers. The remaining 2.8 crore will be allotted to retail investors on a proportionate basis. The minimum lot to be applied is for 75 shares. The government's stake in the bank is likely to come down to 55 per cent after the public issue. The money raised through the issue will be used for further growth plans and to meet future capital requirements arising out of implementing Basel-II norms. The book running lead managers for the issue are SBI Capital Markets, DSP Merrill Lynch, ICICI Securities, JM Morgan Stanley, Kotak Mahindra Capital and Enam Financial Consultants, the press release said. The bank had come out with an IPO in 2002, when it raised Rs 100 crore.
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