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Indian government infuses 17.9B rupees into Allahabad Bank

The government of India infused 17.9 billion rupees into Allahabad Bank as part of efforts to help state-run banks meet regulatory capital requirements.

The bank issued 389,215,046 shares to the government at 45.99 rupees per share, aggregating to 17.90 billion rupees, according to an Oct. 15 disclosure.

India's finance ministry in July approved a capital injection of 113.36 billion rupees into five state-owned banks, including Allahabad Bank. The capital injection is part of the government's plan to recapitalize public sector banks with 2.11 trillion rupees over the next two years.

As of Oct. 15, US$1 was equivalent to 73.75 Indian rupees.