Andhra Bank will issue bonds on a private placement basis to raise up to Rs 1,000 crore. The bank will issue 7.98% unsecured, fully paid up non-convertible redeemable Basel III compliant tier-2 bonds in the nature of debentures of Rs 10 lakh for cash aggregating to Rs 1,000 crore. The issue will open for subscription on October 24 and will close on the same day.
Andhra Bank offers a wide range of services such as Retail banking, Agriculture, MSME, Corporate, NRI services and Personal banking services etc.