Andhra Bank approves preferential allotment

The Board of Directors of Andhra Bank at its meeting held on August 29, 2015 has approved the preferential allotment of equity shares in favour of Government of India to the tune of Rs. 378.00 Crore (including premium), subject to shareholders' assent at the ensuing EGM as on September 23, 2015 in consonance with the Notification dated August 19, 2015 of Ministry of Finance, Government of India.

The Board approved proposal to have August 24, 2015 as the Relevant Date and to fix the Issue Price as provided in the SEBI (ICDR) Regulations for preferential allotment.

The Board also approved proposal to authorise Managing Director & CEO (Addl. Charge) and/or Executive Director (in the absence of the Managing Director & CEO) to do all such acts, deeds and things as may be necessary and expedient with regard to issue and allotment of equity shares to Government of India on preferential basis to the tune of Rs. 378.00 Crores (including premium) and for fixing the issue price as provided under SEBI (ICDR) Regulations, 2009 and to do all matters incidental or ancillary thereto.

Shares of ANDHRA BANK was last trading in BSE at Rs.66.35 as compared to the previous close of Rs. 67.65. The total number of shares traded during the day was 232493 in over 1635 trades.

The stock hit an intraday high of Rs. 69.35 and intraday low of 65.65. The net turnover during the day was Rs. 15630494.

Source : Equity Bulls

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