Andhra Bank has raised Rs 600 crore by selling bonds in two tranches in current month.
The bank raised Rs 280 crore by issuing upper Tier-II bonds. The annual coupon of for this issue was 8.70 per cent. The issue opened on December 14, 2009 and closed on December 15, 2009. "It was fully subscribed on the date of the opening of the issue," the company said in a notification to the National Stock Exchange.
Another Rs 320.00 crore were raised by issuing lower Tier-II bonds. This issue opened on December 15, 2009 and closed on December 21, 2009. The coupon rate was 8.55 per cent payable annually.
The book runners for the issue were Andhra Bank Merchant Banking Division, Darashaw & Company, AK Capital Services, Axis Bank and ICICI Bank.