State-owned Andhra Bank has proposed to raise Rs 800 crore during the next financial year to fund its growth plans, a top official said today.
“We are planning to raise (funds) through QIP (Qualified Institutional Placements) or from Government. We require about Rs 800 crore..,” Andhra Bank Chairman and Managing Director C V R Rajendran said here.
It would be decided by third quarter of 2014-15 financial year, he added.
“Right now the Government share holding is 60 per cent. Last year we got about Rs 200 crore. Initially we will approach the Government else we may go for QIP. We have found that going for an FPO is costly at this stage..,” he said.
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