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Andhra Bank to raise Rs 136 cr
Highlights
Public sector Andhra Bank on Monday said it would issue over 2.88 crore shares to LIC to raise over Rs 136.47 crore.
Hyderabad: Public sector Andhra Bank on Monday said it would issue over 2.88 crore shares to LIC to raise over Rs 136.47 crore. The bank is "raising of capital by way of creating, offering, issuing and allotting 2,88,53,210 equity shares for cash at Rs 47.30 per share on preferential basis to Life Insurance Corporation (LIC)", the bank said in a regulatory filing. The decision was taken at the Extra-Ordinary General Meeting of shareholders of the bank held on Monday, it added.
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