The Hindu Business Line : Andhra Bank files prospectus with SEBI for public issue

ANDHRA Bank has announced that it has filed the draft red herring prospectus with the Securities and Exchange Board of India for its follow-on public issue of 8.5-crore equity shares of Rs 10 each at a premium to be decided through book build process.

In a press release here, the bank said it has decided to reserve 85 lakh equity shares for allotment to its employees and balance 7.65 crore equity shares to public.

Of the net issue to the public, up to 50 per cent would be allotted to the qualified institutional buyers inclusive of the five per cent reservation for allotment to mutual funds, not less than 15 per cent to non-institutional investors and not less than 35 per cent to the retail investors.

Following the latest issue, the equity holding of Government in the bank would come down to 51.55 per cent from the existing level of 62.5 per cent, the release said.

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