Andhra Bank To Raise Rs 1,000 Crore Through Bonds

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New Delhi: Andhra Bank on Monday said it proposes to raise Rs 1,000 crore from bonds to fund expansion.

The bank is proposing to come out with 8.65 per cent, 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, the state-owned 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.