Govt Invests Rs 2,019 Cr in Andhra Bank | CORPORATE ETHOS

Govt Invests Rs 2,019 Cr in Andhra Bank

By: | July 24, 2018

Jul 23: Andhra Bank, a medium-sized public sector lender, on Tuesday said that it has received an amount of Rs 2,019 crore towards contribution of the Central Government in the preferential allotment of equity shares of the bank during the financial year 2018-19, as Government’s investment.

According to a bank statement, “the said amount will remain in Share Application Money till allotment of shares on preferential basis to the Government of lndia after receipt of all requisite statutory/ regulatory approvals including approval of shareholders.”

It was last week, the bank received a communication from the Government of lndia, Ministry of Finance, Department of Financial Services regarding the capital infusion.