Andhra Bank said it raised 20.19 billion Indian rupees from an issuance of 539,983,952 equity shares to the government of India on a preferential basis.

The shares were issued at 37.39 rupees per share, according to an Oct. 12 filing.

With the issuance, the government's shareholding in the bank increased to 84.83% from 77.99%, the bank said.

As of Oct. 12, US$1 was equivalent to 73.59 Indian rupees.