Andhra Bank has allotted 2,88,53,210 equity shares of Rs 10 each to Life Insurance Corporation of India on preferential basis at Rs 47.30 paise per equity share, including a premium of Rs 37.30 paise per share.
LIC of India has credited the capital of Rs 136,47,56,833 (Rs 136.47 crore) on Tuesday towards the allotment of shares on preferential basis.
In a regulatory filing with BSE, Andhra Bank has informed this allotment was pursuant to passing a special resolution by the shareholders of the Bank at the Extraordinary General Meeting on March 21 at Hyderabad. This authorised allotment of shares to LIC.
The Board of Directors of the Bank on March 26 approved the resolution for raising of equity capital of the bank by issue of equity shares by way of preferential allotment to Life Insurance Corporation of India and authorised Managing Director to do all acts necessary to facilitate the allotment of shares.
Andhra Bank closed the day flat at Rs 49.95 at BSE.