Banking

Andhra Bank mulls to raise capital

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Andhra-BankAndhra Bank is making concerted efforts to get shareholders’ nod to raise capital through qualified institutional placement/ follow-on public offer or any other mode. The state-run bank has convened its 16th Annual General Meeting on July 20 to not only pass the enabling resolution, which will enable the bank to raise funds but also approve and adopt audited balance sheet and consider declaration of dividend.

The Bank informed the BSE through a notice that it has proposes to augment capital via QIP, follow-on public offer, in such a manner that the Central Government’s stake in the equity paid-up capital of the Bank will not go below such percentage as may be decided by the Government.

The present paid-up capital of the bank is Rs 681.16 crore and the capital adequacy ratio of the Bank as on March 31, 2016, is 11.58 percent, which is well above the 9 per cent stipulated by the Reserve Bank of India.

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