Andhra Bank to raise Rs 120 crore in additional equity

Will issue 1,32,31,888 equity shares to the govt

Andhra Bank has got shareholder approval to raise Rs 120 crore in additional equity by issuing shares to the government.

The bank will issue 1,32,31,888 equity shares of face value Rs 10 each for cash at Rs 90.69 to the government.

New executive director

The Centre has appointed Ajit Kumar Rath as the executive director on the board of Andhra Bank for a period of five years.

Prior to this appointment, Rath worked as general manager in Union Bank of India. He assumed charge of the new post on Friday, according to a communication issued to the stock exchanges.