Andhra Bank allots 3,00,34,539 shares to Government of India on preferential basis

Pursuant to passing of a Special Resolution by the shareholders of Andhra Bank at the Extraordinary General Meeting of shareholders of the Bank held on December 19, 2013, at Hyderabad, authorizing the issuance of 3,00,34,539 equity shares of Rs. 10/- each to Government of India on preferential allotment basis at Rs. 66.59 p. per equity share (including a premium of Rs. 56.59p. per share), the Government has infused the capital of Rs. 199,99,99,952.01p. on December 20, 2013 towards issuance and allotment of equity shares on preferential basis.

The Board of Directors of the Bank at its meeting held on November 13, 2013, vide Resolution No.1, had authorized the Chairman & Managing Director / Executive Director in the absence of the Chairman & Managing Director, to do all such acts, deeds and things as may be necessary and expedient in this regard including finalization of date of the Extraordinary General Meeting, approving the notice convening the meeting, fixing the issue price and the number of shares to be issued and allotted to Government of India as provided under SEBI (ICDR) Regulations, 2009 and allotment of equity shares to Government of India on preferential basis and to conduct the meeting and to do all matters incidental or ancillary thereto.

Accordingly, the Bank has on December 21, 2013 alloted 3,00,34,539 equity shares to Government of India on preferential basis.

Shares of Andhra Bank was last trading BSE at Rs.62.10, up by Rs.1.30 or 2.14%. The stock hit an intraday high of Rs.62.70 and intraday low of Rs.61.20.

The total traded quantity was 1.52 lakh shares as compared to 2 week average of 1.70 lakh shares.

Source : Equity Bulls

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