Andhra Bank to issue 28853210 shares

The Board of Directors of Andhra Bank at its Meeting held on February 26, 2016 has approved raising of equity capital by issuance of 2,88,53,210 equity shares of Rs. 10/- each for cash at Rs. 47.30p. per share (including premium of Rs. 37.30p. per share) as may be determined by the Board in accordance with regulation 76(4) of SEBI (ICDR) Regulations, 2009 and aggregating upto Rs. 136.48 Crore on preferential basis to Life Insurance Corporation of India subject to Shareholders' approval at the Extraordinary General Meeting proposed to be held on March 21, 2016.

Shares of ANDHRA BANK was last trading in BSE at Rs.46.85 as compared to the previous close of Rs. 46.9. The total number of shares traded during the day was 83719 in over 692 trades.

The stock hit an intraday high of Rs. 48.25 and intraday low of 46.25. The net turnover during the day was Rs. 3923627.

Source : Equity Bulls

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