Markets

Allahabad Bank shares jump 8.5% on capital infusion

PTI New Delhi | Updated on December 27, 2019 Published on December 27, 2019

Shares of Allahabad Bank on Friday jumped 8.5 per cent after the lender said it will get fresh capital infusion from the government in the current financial year.

The scrip climbed 8.17 per cent to close at Rs 19.20 on the BSE. During the day, it zoomed 10.98 per cent to Rs 19.70. On the NSE, it advanced 8.45 per cent to close at Rs 19.25. In terms of traded volume, 6.47 lakh shares of the state-owned bank were traded on BSE and over one crore units exchanged hands on the NSE.

The Department of Financial Services in a letter on Thursday conveyed the sanction for release of the fresh capital infusion fund of Rs 2,153 crore, Allahabad Bank said in a regulatory filing.

The capital infusion is towards contribution of the central government in the preferential allotment of equity shares of the bank during the financial year 2019-20 as the government’s investment, it said.

Published on December 27, 2019
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