Home >market >stock-market-news >Allahabad Bank seeks to raise Rs2,000 crore this fiscal

Kolkata: Public sector Allahabad Bank Wednesday obtained shareholders’ nod in to raise equity capital aggregating up to 2000 crore through different modes like QIP, FPO or a rights issue.

MD and CEO of Allahabad Bank Usha Ananthasubramanian told shareholders at the AGM here that the bank was fairly placed given the business growth and the environment we are operating.

“But I would not say, we are very comfortable. We need to raise capital". Allahabad Bank was looking to achieve a business growth of 12.23% in the current financial year.

“The bank is looking to achieve a year-on-year business growth of 12.23% and reach a level of 4.05 lakh crore by the end of 2017-18," she said.

“We are looking at a growth of 13.45% and 10.68% in deposits and credit respectively", she said.

The bank would primarily focus on CASA deposits and would continue to discourage reliance on high-cost deposits.

The lender has also targeted aggressive recovery of dues from the borrowers in the current fiscal and it is exploring new and innovative ways.

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