Public sector lender Andhra Bank today said it will issue over 2.88 crore equity shares to LIC for a total consideration of Rs 136.5 crore.
In a BSE filing, Andhra Bank said the Board of Directors of the bank at its meeting held on February 26, 2016 has "approved raising of equity capital by issuance of 2,88,53,210 equity shares of Rs 10 each for cash at Rs 47.30 per share...And aggregating up to Rs 136.48 crore on preferential basis to Life Insurance Corporation of India".
It said the issuance is subject to shareholders' approval at the Extraordinary General Meeting proposed to be held on March 21, 2016.
Shares of Andhra Bank closed at Rs 46.85 apiece on BSE, down 0.11 per cent from the previous close.
