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Monday, March 21, 2011

Govt to infuse Rs 1,173 cr in Andhra Bank

New Delhi: The government will infuse Rs 1,173 crore into state-run lender Andhra Bank as part of recapitalisation plan to shore up equity capital.

In a filing to the Bombay Stock Exchange the bank said the government would infuse Rs 1,173 crore, which would help the government retain 58 per cent of the bank's post issue share capital.

An extra-ordinary general meeting of the shareholders of Andhra Bank would be held on March 23 to approve the same.

The government had initially planned to infuse Rs 618 crore into the Kolkata-based lender.

Source: Financial Express


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