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Andhra Bank raises 20.19B rupees via share sale to Indian government

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.