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.
