Andhra Bank surges 2% on preferential share allotment to govt

Shares of Andhra Bank surged almost 2 percent intraday on March 29 after the public sector bank issued equity shares worth Rs 3,256 crore to the government.

The Hyderabad-based bank in its BSE filing approved issuance of 114,56,72,061 equity shares to the government on preferential allotment basis at Rs 28.42 per equity share.

The share touched its 52-week high of Rs 47 and 52-week low of Rs 22.70 on 9 April 2018 and 18 February 2019, respectively.

At 0943 hrs, Andhra Bank was quoting Rs 28.25, up 1.62 percent on the BSE.