Allahabad Bank tier II bond issue fully subscribed

By Staff
|
Google Oneindia News

Kolkata, Mar 13 (UNI) Allahabad Bank, successfully hit the market today with the issue of 8 per cent Tier II Bond amounting to Rs 400 crores with green shoe option of Rs 100 crore.

The issue having a tenure of 120 months was opened and closed on the same day and stood fully subscribed for Rs 500 crores, Bank sources here tonight said.

Claiming to be registered as one of fastest growing banks, the business of Allahabad bank grew by 22.77 per cent from Rs 58,928 crore to Rs 72,346 crore.

The total working funds of the Bank crossed Rs 50000-crore mark.

The market share of deposit of the bank increased from 2.25 per cent as on 31.12.2004 to 2.26 per cent as on 31.12.2005 during the last one year while the Net profit of the bank increased to Rs 555.63 crores during the nine-month period ended 31.12.2005 from Rs 462.47 crores during corresponding period last year.

With the successful issue of the Tier II unsecured, redeemable and non-convertible bond, the Bank will be able to consolidate its capital adequacy base on a move stable position with CRAR already at one of the best in the industry.

With this, the Bank will be able to expand its asset base without any capital constraints, the sources added.

UNI ABA BA KLC2049

For Daily Alerts
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
X