 "Andhra Bank plans to raise Rs 2,700 crore for current financial year")
Public sector Andhra Bank on Tuesday said it plans to raise Rs 2,700 crore for 2016-17, as per the financial requirements of the financial year.
The decision was taken at the bank's Board of Directors meeting held on Monday.
"The Board of Directors of the bank at its meeting reviewed the projections of ICAAP (Internal Capital Adequacy Assessment Process) requirements for the financial year 2016-17 and estimated the requirement of capital/funds of Rs 2,700 crore", it said in a regulatory filing.
Andhra Bank said the amount will be raised by way of equity, tier I and tier II bonds.
The raising of capital will be made at an appropriate time depending on the market conditions, to meet the additional capital requirements during 2016-17, it further added.
On Monday, Andhra Bank reported a fall of 15% in consolidated net profit at Rs 557.99 crore for the financial year ended March 2016, as against Rs 655.78 crore in the preceding year.
Andhra Bank shares closed 2.55% higher at Rs 50.20 apiece on BSE.
