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Andhra Bank issues shares to Indian government

Andhra Bank issued 11 billion rupees worth of shares to the Indian government, while IDBI Bank Ltd. is considering issuing shares to the government.

The Indian government subscribed for 191,637,630 equity shares of Andhra Bank at 57.40 rupees per share on a preferential basis.

With the issuance, the government's shareholding in Andhra Bank increased to 69.77% from 61.26%, the bank said.

Meanwhile, IDBI Bank is looking to issue 18.61 billion rupees worth of equity shares to the Indian government. The issue is subject to board and shareholder approval, the bank said.

As of Aug. 9, US$1 was equivalent to 63.86 Indian rupees.