Allahabad Bank okays raising Rs 2,000 cr equity capital via QIP

New Delhi: State-owned Allahabad Bank on Wednesday said it will raise an equity capital of up to Rs 2,000 crore through qualified institutional placement (QIP).

"The share issue and allotment committee of the board of directors in its meeting held on date has accorded approval for raising equity capital of the bank by an amount aggregating up to Rs 2,000 crore," the bank said in a regulatory filing.

The Kolkata-headquartered lender is scheduled to announce its June 2019 quarter earnings on Wednesday.

Shares of the bank traded at Rs 38.95 apiece on the BSE, down 0.26 per cent from the previous close.