Andhra Bank is looking to raise Rs 2700 crore for the for the financial year 2016-17 to meet its financial requirements, according to a regulatory filing from the bank. The decision was taken at the bank’s board of directors meeting. The board of directors of the bank at its meeting reviewed the projections of ICAAP (Internal Capital Adequacy Assessment Process) requirements for the financial year 2016-17 and estimated the requirement of capital/funds of Rs 2700 crore, the bank said in the regulatory filing. The raising of capital will be made at an appropriate time depending on the market conditions, to meet the additional capital requirements during 2016-17, it said. The amount will be raised by way of equity, tier I and tier II bonds.
