Share price of PNB, IOB, Andhra Bank, Corporation Bank and Allahabad Bank reacted positively on the government capital infusion plan.
Under the capital infusion plan, these 5 PSU banks will get� Rs 11,336 crore from government as part of its Indradhanush scheme, which was unveiled in 2015.
This is the last tranche of infusion under the scheme.
Of the Rs 11,336 crore, Rs 2,816 crore will be infused in PNB, Rs 2,157 crore in IOB, Rs 2,019 crore in Andhra Bank, Rs 2,555 in Corporation Bank, and Rs 1,790 crore in Allahabad Bank.
related news Sintex Industries soars 9% after strong operational show in Q1 Movers & Shakers: Volumes of Magma Fincorp & Rajasthan Cylinders rose the most in last 5 daysIn October last year, the government had announced a Rs 2.11 lakh crore recapitalisation plan, of which Rs 1.35 lakh crore was to be raised through recapitalisation bonds, while banks were required to raise the balance through share sales.
The two-year recapitalisation programme was aimed at helping state-run banks to deal with rising bad debts and spur credit growth.
Punjab National Bank was quoting at Rs 81.15, up 3.11 percent, Indian Overseas Bank was quoting at Rs 15.09, up 11.86 percent and Andhra Bank was quoting at Rs 32.20, up 3.87 percent.
Corporation Bank was quoting at Rs 28.55, up 7.74 percent and Allahabad Bank was quoting at Rs 43.40, up 2.72 percent on the BSE.
Posted by Rakesh Patil First Published on Jul 18, 2018 09:24 am
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