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Andhra Bank gets Rs 200-cr capital infusion
Highlights
Andhra Bank Gets Rs 200-Crore Capital Infusion. City-based public sector lender Andhra Bank on Monday said it received close to Rs 200 crore capital infusion from the central government and in return shareholders of the bank had agreed to allot over three crore shares on preferential basis.
Hyderabad: City-based public sector lender Andhra Bank on Monday said it received close to Rs 200 crore capital infusion from the central government and in return shareholders of the bank had agreed to allot over three crore shares on preferential basis.In a statement to bourses, the premier bank said the recently held extraordinary general meeting of the shareholders passed a special resolution to allot the shares to the government at Rs 66.59 apiece, including a premium of Rs 56.59 per share.
"The government has infused the capital of Rs 199,99,99,952.01 on December 20, 2013 towards issuance and allotment of equity shares on preferential basis," the bank said. This is "pursuant to passing of a special resolution by the shareholders of the bank at the extraordinary general meeting of shareholders held on December 19, 2013, at Hyderabad, authorising the issuance of 3,00,34,539 equity shares of Rs 10 each to Government of India on preferential allotment basis, " it added.
As on September 30 this year, the government holds 58 per cent stake in the bank, while FIIs, DIIs and others hold 11.19 per cent, 11.78 per cent and 19.03 per cent, respectively.
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