OREANDA-NEWS. March 24, 2011. ALLAHABAD BANK, a Premier Nationalised Bank of the country, organised Extra-Ordinary General Meeting on the 23rd day of March, 2011 at Salt Lake, Kolkata , in which  large number  of Shareholders were present / participated.

Shri J.P.Dua, Chairman & Managing Director, Shri D. Sarkar and Shri M.R.Nayak, Executive Directors, Shri D.K.Kapila, Shareholders’ Director, Dr. Shakeel Uz Zaman Ansari, Government Nominee Director, Shri Gour Das, Employee Nominee Director graced the occasion.  Shri R.K.Gaur, Under Secretary, Dept. of Financial Services, Ministry of Finance, Govt. of India, represented the Govt. of India.

The   Extra-Ordinary General Meeting was held today to get shareholders’ approval for issuance & allotment 29515418  Equity Shares of Rs. 10 each at a premium of Rs. 217 per share amounting to Rs. 670 crore approx  to the Govt. of India on Preferential allotment basis .

In his keynote address, Shri J.P.Dua, Chairman & Managing Director of the Bank said that Business of the Bank has increased by 29.99% in December,2010 over December,2009. To meet the increasing requirement of business and to shore up long term resources & capital base, the Govt. of India initially approved capital infusion of Rs. 292 crore approx to attain minimum Tier 1 capital adequacy ratio of 8% as on 31.3.2011. Subsequently Govt has increased the capital infusion from Rs. 292 crore to Rs. 670 crore  for increasing Govt. of India holding in the Bank from existing 55.23% to 58%.

Shri Dua, while replying to the queries by the Shareholders, said that Bank is performing well and has been progressing year after year with the enormous support and confidence reposed by the shareholders and customers on this glorious Bank.

This proposed Capital Infusion in the Bank will help the Bank to have a strong capital base which will enable the Bank to raise further capital to enhance its Business further. The increase in Business will result in improvement in profitability and in turn will add to Shareholders’ wealth.