Allahabad Bank To Take A Call On Shares To LIC Today
The board of state run lender Allahabad Bank will take a call on issuing preferential shares to Life Insurance Corporation on Wednesday. While insurance companies hold shares in the public sector bank, LIC did not have any stake in it. The bank, which has a tier I capital of 8.91% as on December 2011, has headroom of raising R4,700 crore. As on December, 2010, insurance companies held 12.95% stake in the bank which gradually increased to 13.07% in June, 2011 and 14.43% by December, 2011. LIC already has shares in more than a dozen banks, including public sector banks like SBI, PNB and UCO Bank.
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