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Andhra Bank to raise Rs 136 cr from LIC via preferential issue

Feb 27, 2016, 11.28 AM | Source: PTI

Public sector lender Andhra Bank will issue over 2.88 crore equity shares to LIC for a total consideration of Rs 136.5 crore.

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Andhra Bank to raise Rs 136 cr from LIC via preferential issue

Public sector lender Andhra Bank will issue over 2.88 crore equity shares to LIC for a total consideration of Rs 136.5 crore.

Andhra Bank to raise Rs 136 cr from LIC via preferential issue

Public sector lender Andhra Bank will issue over 2.88 crore equity shares to LIC for a total consideration of Rs 136.5 crore. In a BSE filing, Andhra Bank said 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 said the issuance is subject to shareholders’ approval at the Extraordinary General Meeting proposed to be held on March 21, 2016.

Andhra Bank stock price

On February 26, 2016, Andhra Bank closed at Rs 46.85, down Rs 0.05, or 0.11 percent. The 52-week high of the share was Rs 90.80 and the 52-week low was Rs 41.75.


The company’s trailing 12-month (TTM) EPS was at Rs 10.32 per share as per the quarter ended December 2015. The stock’s price-to-earnings (P/E) ratio was 4.54. The latest book value of the company is Rs 155.04 per share. At current value, the price-to-book value of the company is 0.30.

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