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Thursday, Sep 29, 2005

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Andhra Bank to offer 8.5 crore shares to public

Our Bureau

Hyderabad , Sept. 28

THE board of directors of Andhra Bank at its meeting on Wednesday decided the equity size of its second public issue at Rs 85 crore (face value).

The board has approved a resolution to increase the paid-up capital to Rs 485 crore from the existing capital of Rs 400 crore.

The follow-on public issue will consist of 8.5 crore equity shares of Rs 10 each, aggregating Rs 85 crore.

The bank proposes to decide the premium in consultation with the lead managers to the issue.

In a communication to stock exchanges, the bank said an extraordinary general meeting of its shareholders would be convened on October 24 to seek their consent for the proposed follow-on public issue.

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