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Allahabad Bank targets Rs 500 crore from non-core asset sale

Allahabad Bank has set a target of raising about Rs 500 crore by selling its non-core assets such as real estate properties as well as divesting its stakes in subsidiaries and joint ventures. The RBI has moved the lender out of the Prompt Corrective Action (PCA) framework after the government promised to inject Rs 6896 crore. Post this capital infusion, government’s holding in the bank will rise to 91%. However, the bank has to bring down its promoter holding to at least 75% by October 2020, as mandated by market regulator SEBI. 

Read More at The Economic Times News date : 15 Mar 2019, Friday

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