Financial Daily from THE HINDU group of publications
Thursday, Nov 21, 2002
Financial Daily from THE HINDU group of publications Thursday, Nov 21, 2002 |
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Money & Banking
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IPOs Markets - IPOs Allahabad Bank board to finalise share allotment Our Bureau
KOLKATA, Nov. 20 THE board of directors of Allahabad Bank will meet at Hyderabad on November 23 to finalise the allotment of shares following the recent public issue. It might be noted that the issue was oversubscribed by three times. A spokesman for the bank indicated that the plan was to give full allotment to small individual shareholders, i.e., those who applied up to 500 shares each. Applicants of more shares however might be disappointed as the bank management was in favour of shares being held widely among the public, he said. The financial institutions and banks, it was estimated, together had applied for about Rs 50 to Rs 60 crore of shares out of a total mobilisation of over Rs 300 crore from the issue, he added. Asked if Hyderabad had been chosen as the venue of share allotment in view of the low stamp duty there, the spokesman declined to comment. Meanwhile, November 28 has been fixed as the date for the listing of Allahabad Bank shares in stock exchanges. Apart from National Stock Exchange, the shares will also be listed on stock exchanges in Mumbai, Kolkata and Kanpur.
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