Andhra Bank raises Rs 600 crores

Andhra Bank has announced that the Bank has raised Rs. 280.00 Crores of Upper Tier-II Bonds at an annual coupon of 8.70%, which was fully subscribed on the date of opening of the Issue. The Issue opened on December 14, 2009 and closed on December 15, 2009.

Further, the Bank raised Rs. 320.00 Crores of Subordinated Debt Bonds - Lower Tier-II Bonds. The Issue opened on December 15, 2009 and closed on December 21, 2009. The coupon rate was 8.55% payable annually.

Andhra Bank Merchant Banking Division, M/s. Darashaw & Company Pvt. Ltd., M/s. A. K. Capital Services Ltd., Axis Bank Ltd. and ICICI Bank Ltd. were the Arrangers who facilitated the Issue.

The Andhra Bank stock closed the day at Rs.107.35, up by Rs.2.15 or 2.04%. The stock hit an intraday high of Rs.108.20 and low of Rs.105.95.

The total traded quantity was 257976 compared to 2 week average of 237232.

Source : Equity Bulls

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