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Allahabad Bank issues shares to Indian government

Allahabad Bank issued equity shares to the Indian government on a preferential basis.

The bank said Aug. 7 that it issued 56,524,678 of its shares to the government at an issue price of 73.95 Indian rupees per equity share, including a premium of 63.95 rupees per equity share.

As of Aug. 7, US$1 was equivalent to 63.84 Indian rupees.