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Andhra Bank to raise Rs 136 cr from LIC

Andhra Bank will issue over 2.88 crore shares to Life Insurance Corporation to rise over Rs 136.47 crore, according to a BSE filing from the bank. The raising of capital will be by way of creating, offering, issuing and allotting 2,88,53,210 equity shares for cash at Rs 47.30 per share on preferential basis to LIC, it said. The decision was taken at the extra-ordinary general meeting of shareholders of the bank held.

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