Government's stake in the has increased by 7.6 per cent post allotment of equity shares on preferential basis, the state-owned lender said Monday.

Post allotment of the equity shares, the shareholding of the government has gone up to 79.41 per cent in the bank.

Allahabad Bank is one of the nationalised banks of India and majority stake is held by the Government of India (President of India).

Shares of the bank closed at Rs 37.60 apiece on BSE, up 3.72 per cent.