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Wednesday, February 18, 2015

Andhra Bank plans Rs. 120 cr pref shares to Govt

Andhra Bank will consider issue of equity shares by way of preferential allotment to Government of India to the tune of Rs. 120 crore.

The bank proposes to issue and allot 1,32, 31, 888 equity shares of face value of Rs. 10 each at a premium of Rs. 80.69 per share to Government of India after obtaining the approval of shareholders of the bank at the ensuing Extraordinary General Meeting to be held on March 12, 2015 in Hyderabad.

In a regulatory filing with BSE, Andhra Bank has mentioned that the issue of allotment of equity shares to Government on preferential basis would be taken up as an additional agenda during the EGM.

The Bank also proposes to secure nod from the shareholders for election of three Directors from amongst the shareholders of the Bank other than the Central Government.

The Bank has fixed February 10, 2015 as the relevant date for determination of the issue of price. The issue price has been arrived at Rs. 90.69 as per SEBI regulations.

Source : Thehindubusinessline


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