Andhra Bank raises Equity Capital: Andhra Bank is a medium-sized public sector bank in India which consists of more than 2800 branches and more than 3600 ATMs which are spread across 25 states and 3 Union Territories. It is the first bank to introduce the credit card in the year 1981. Andhra Bank Online provides a wide range of Net Banking as well as Mobile Banking Services. Its Headquarters are located in Hyderabad, India. Andhra Bank raises Equity Capital in 2017.
As per the recent data, Andhra Bank is going to get a turnaround-linked infusion of Rs 1100 Crore from the Government of India.
Andhra Bank raises Equity Capital
On March 27, the Board of Directors of the bank held a meeting in which they have decided to raise the equity capital of the bank.
The Government of India has also granted the second portion of capital infusion in various public sector banks all over the country in order to raise their Capital. The Second share of capital infusion will require about Rs 8,000 crore according to the strict parameters.
The Government has already declared a fund infusion of Rs 22,915 out of 25,000 crores for 13 PSB’s all across the country in order to raise their capital for the year 2017.
In the last year, the government has already declared the first portion of fund infusion in order to increase the lending operations and raise more money from the market.
Andhra Bank is presently trading at Rs 55.8 which is low by 0.85 or 1.5 % as compared to the previous closing of Rs 56.65 on the Bombay Stock Exchange.
First of all, the scrip opened at Rs 56.85, and then the stock has increased and decreased as Rs 57 and Rs 55.5 respectively. As per the details, about 1785730(both NSE + BSE ) shares were being traded in the counter. The present market capital of the bank is Rs 3858.79 Crore.
All the promoter were holding about 61.26 % of shares while the Institutions and Non-Institutions held about 21.4% and 17.34% respectively.