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Andhra Bank mulling to raise Rs 1,000 crore to fund growth

12 Jul 2017 Evaluate

State-owned lender, Andhra Bank is planning to raise up to Rs 1,000 crore through a qualified institutional placement (QIP) to fund growth. The bank may raise the capital in the next five months upon getting approval of the board.

The government’s holding in Andhra Bank stands at 61.26 per cent as on June 30, 2017 and the QIP would bring down the government’s shareholding in the bank below the 60 per cent mark.

Andhra Bank offers a wide range of services such as Retail banking, Agriculture, MSME, Corporate, NRI services and Personal banking services etc.

Andhra Bank-Amalgama Share Price

15.55 0.00 (0.00%)
19-Mar-2020 18:01 View Price Chart
Peers
Company Name CMP
SBI 1080.35
PNB 114.50
Canara Bank 142.35
Bank Of Baroda 280.00
Union Bank Of India 188.90
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