Andhra Bank to go public

Andhra Bank today decided to go for a public issue to meet its capital requirements. The board of directors of the bank, at its meeting held here today, has accorded clearance for the bank making public issue (follow-on offer) of equity shares subject to necessary approvals.

The bank has informed the Bombay Stock Exchange (BSE) of the 'in-principle clearance' received from its board of directors to this effect.

It needs to get statutory approvals including the approval of the Government of India, RBI and shareholders' approval at the extraordinary general meeting.

The terms of the issue including size and the price shall be determined in consultation with the merchant bankers, the bank informed.