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Andhra Bank will be issuing over 2.88 crore equity shares to LIC for a total consideration of Rs 136.5 crore.
Andhra Bank has said in a BSE filing that the Board of Directors of the bank at its meeting held on February 26, 2016 has “approved raising of equity capital by issuance of 2,88,53,210 equity shares of Rs 10 each for cash at Rs 47.30 per share and aggregating up to Rs 136.48 crore on preferential basis to Life Insurance Corporation of India”.
It further said that the issuance is subject to shareholders’ approval at the Extraordinary General Meeting proposed to be held on March 21, 2016.
