Allahabad Bank which registered about 28 per cent rise in net in the third quarter of the 2007-08 fiscal at Rs 365.05 crores as against Rs 286.13 crore during the same period last year, plans to raise Rs 300 crore Tier-I capital through perpetual bond, Bank’s CMD A C Mahajan said here on Wednesday.

“The bank received the board’s approval and the necessary process will start from the next day,” Mr Mahajan added. The fund injection is likely to help the bank in its expansion drive.

Mr Mahajan said the non-life insurance JV of the bank with Universal Sompo of Japan will be unveiled on February 11 next. He said the Sompo management would be in town next week and the board of the JV would meet on January 22 for finalising products before the launch.