Summary:
more-inAndhra Bank is considering raising the equity capital and to discuss this has convened a meeting of its Board of Directors on March 27. The meeting will consider a proposal to raise the equity capital by way of preferential allotment to Government of India, subject to necessary approvals. The indicative allocation of capital is ? 1,100 crore to the Bank. Another proposal to be discussed is to raise the capital through Qualified Institutional Placement, Follow-on Public Offer at an appropriate time. The proposed meeting comes in the backdrop of the Centre informing Andhra Bank that it had been identified for capital allocation for the Financial Year 2017 as a part of a turnaround linked infusion plan..