Govt infuses Rs 200 cr capital in Andhra Bank

Hyderabad: Public sector lender Andhra Bank has received nearly Rs 200 crore capital infusion from the government and in return shareholders of the bank have agreed to allot over three crore shares on preferential basis.[caption id=“attachment_1302839” align=“alignleft” width=“380”]  Infusing capital. Reuters [/caption]

The bank, in a filing with BSE, today said the recently held extraordinary general meeting of the shareholders passed a special resolution to allot shares at Rs 66.59 apiece (including a premium of Rs 56.59 per share).

“…the government has infused the capital of Rs 199,99,99,952.01 on December 20, 2013 towards issuance and allotment of equity shares on preferential basis,” Andhra Bank said in the filing.

More from Fwire

BCCI earned more than Rs 2,400 crore in IPL 2022, reveal documents Eight Russian judokas barred from world championships after Ukraine boycott

This is “pursuant to passing of a special resolution by the shareholders of the bank at the extraordinary general meeting of shareholders held on December 19, 2013, at Hyderabad, authorising the issuance of 3,00,34,539 equity shares of Rs 10 each to Government of India on preferential allotment basis at Rs 66.59 per equity share (including a premium of Rs 56.59 per share)”, it said.

The government holds 58 percent, while FIIs, DIIs and others hold 11.19 percent, 11.78 percent and 19.03 percent, respectively, as on 30 September.

Andhra Bank shares were trading at Rs 62.50 apiece on BSE, up 2.80 percent in the afternoon trade.

PTI