Andhra Bank to raise Rs 1,000 cr from bonds

State-owned Andhra Bank  said it proposes to raise Rs 1,000 crore from bonds to fund expansion.

The bank is proposing to come out with 8.65 percent - 10 years (call option after 5 years) Unsecured Non-convertible Redeemable Basel- III Compliant Tier-2 Debt Bonds Series-C in the nature of debentures of Rs 10 lakh each for cash at par aggregating to Rs 1,000 crore, Andhra Bank said in a filing to the BSE.

The issue shall be opened for subscription on June 22, and will close on June 27, it said.