Andhra Bank allots equity shares to GoI on preferential basis

On 25 March 2015

Andhra Bank announced that pursuant to passing of a Special resolution by the Shareholders of the Bank at the Extraordinary General Meeting of Shareholders of the Bank held on 12 March 2015, authorising the issuance of 1,32,31,888 equity shares of Rs. 10/- each to Government of India on preferential allotment basis at Rs. 90.69p per equity share (including a premium of Rs 80.69p. per share), the Government has infused the capital of Rs. 119,99,99,922.72p on 25 March 2015 towards issuance and allotment of equity shares on preferential basis.

The Board of Directors of the Bank (by circulation) on 13 February 2015 approved the resolution for "raising of equity capital of the Bank by issuance of equity shares by way of preferential allotment to Government of India" and authorised the Chairman & Managing Director / Executive Director in the absence of the Chairman & Managing Director, to do all acts, deeds and things as may be necessary and expedient in this regard approving the Addendum to the notice convening the Extraordinary General Meeting, fixing the issue price and the number of shares to be issued and allotted to Government of India as provided under SEBI (ICDR) Regulations, 2009 and allotment of equity shares to Government of India on preferential basis and to conduct the meeting and to do all matters incidental or ancillary thereto.

Accordingly, the Bank has on 25 March 2015 allotted 1,32,31,888 equity shares of Rs. 10/- each at Rs. 90.69p per equity shares (including a premium of Rs. 80.69p per share) to Government of India on preferential basis.

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