Financial Daily from THE HINDU group of publications
Friday, Jan 06, 2006
Financial Daily from THE HINDU group of publications Friday, Jan 06, 2006 |
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Money & Banking
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Public Offer Markets - Public Offer Andhra Bank public issue to open Jan 16 Our Bureau
Mumbai , Jan. 5 ANDHRA Bank will tap the capital market with a follow-on public issue of 8.5 crore equity shares of face value of Rs 10 each. Mr K. Ramakrishnan, Chairman and MD, Andhra Bank said the bank was raising capital to meet the Basell II norms as well as fund the rising demand for credit. The issue will open on January 16 and close on January 20.The price band will be fixed one day prior to the opening of the issue. The Government's shareholding would come down from the current 62.5 per cent to 51.5 per cent following the public offering. The bank has decided to reserve 85 lakh equity shares for allotment to employees and the balance 7.6 crore shares would be offered to the public.Of the net issue to the public, 50 per cent will be allocated to qualified institutional buyers, 15 per cent to non-institutional investors and the balance 35 per cent to retail investors. As on September 30, 2005, the bank's Tier-I capital was Rs 1,728.37 crore and Tier-II capital Rs 738.58 crore.
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