Andhra Bank to raise Rs 136 cr by issuing shares to LIC

State-run Andhra Bank today said it will issue over 2.88 crore shares to LIC to raise over Rs 136.47 crore.

"... Raising of capital by way of creating, offering, issuing and allotting 2,88,53,210 equity shares for cash at Rs 47.30 per share on preferential basis to Life Insurance Corporation (LIC)", the bank said in a BSE filing.

The decision was taken at the Extra-Ordinary General Meeting of shareholders of the bank held today.

Andhra Bank shares closed 2.05 per cent higher at Rs 52.15 apiece on BSE today.