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Andhra Bank moves higher on fund raising plan

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gained 1% to Rs 56.40 at 14:55 on after the said that it is issuing Basel III compliant, tier - 2 bonds in the nature of debentures aggregating to Rs 1000 crore.

The announcement was made after market hours yesterday, 12 October 2017.

Meanwhile, the S&P Sensex was up 292.84 points or 0.91% at 32,475.06. The S&P Mid-Cap index was up 12.14 points or 0.08% at 15,971.67, underperforming the Sensex.

On the BSE, 1.38 lakh shares were traded in the counter so far as against average daily volume of 3.08 lakh shares in the past one quarter. The stock had hit a high of Rs 57.25 and a low of Rs 55.70 so far during the day. The stock had hit a 52-week high of Rs 76.10 on 5 May 2017. The stock had hit a 52-week low of Rs 45.60 on 27 December 2016.

The stock had outperformed the market over the past one month till 12 October 2017, gaining 6.89% compared with the Sensex's 0.07% rise. The stock had, however, underperformed the market over the past one quarter, falling 2.1% as against the Sensex's 1.19% rise. The scrip had also underperformed the market over the past one year, dropping 4.2% as against the Sensex's 14.6% rise.

The mid-cap has equity capital of Rs 872.80 crore. Face value per share is Rs 10.

said that it is issuing 7.98% unsecured, fully paid-up, non-convertible, redeemable, Basel III compliant, tier-2 bonds in the nature of debentures of Rs 10 lakh each for cash at par aggregating to Rs 1000 crore. The said issue will be opened for subscription on 24 October 2017 and will be closed on the same day, with the allotment date being 24 October 2017.

Andhra Bank's net profit rose 30% to Rs 40.42 crore on 6.2% rise in net sales to Rs 5155.21 crore in Q1 June 2017 over Q1 June 2016.

The Government of India (GoI) holds 69.77% stake in (as per the shareholding pattern as on 30 September 2016).

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, October 13 2017. 15:16 IST
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