Andhra Bank has informed BSE that, the Government of India, vide their letter dated February 15, 2011, has communicated their decision to infuse Rs. 618 Crore by way of preferential allotment of equity shares favouring Government of India.
The Board of Directors of the Bank at its meeting held on February 18, 2011, approved the preferential allotment of equity to the Government of India to the tune of Rs. 618 Crore (including premium) subject to shareholders' approval to be obtained at the Extraordinary General Meeting of Shareholders of the Bank to be held on March 23, 2011.
Accordingly, the Bank proposes to take necessary steps to raise capital by creating, offering, issuing and allotting such number of equity shares of face value of Rs. 10/- each for cash at such price as may be determined by the Board in accordance with Regulation 76(1) of SEBI (ICDR) Regulations and aggregating to Rs. 618 Crore on preferential basis to Government of India and to complete the formalities by March 31, 2011.Read More
Sensex
|
Friday, February 18, 2011
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment