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Andhra Bank gets nod to raise Rs 120 crore in additional equity

16 Mar 2015 Evaluate

Andhra Bank has received shareholder approval to raise Rs 120 crore in additional equity by issuing shares to the government. The bank will issue 1,32,31,888 equity shares of face value Rs 10 each for cash at Rs 90.69 to the government.

Andhra Bank reported over four fold rise in its net profit at Rs 201.71 crore for the quarter ended December 31, 2014 as compared to Rs 45.57 crore for the same quarter in the previous year. Total income of the bank increased by 16.41% at Rs 4540.61 crore for quarter under review as compared to Rs 3900.54 crore for the quarter ended December 31, 2013.

 

Andhra Bank-Amalgama Share Price

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