Andhra Bank plans to raise up to 32.56 billion Indian rupees by issuing shares.

The bank will issue up to 1,145,672,061 equity shares at 28.42 rupees per share, according to a March 22 notice.

In a previous notice, the bank said it is raising the capital by issuing shares to the government of India. The capital raised will be used for strengthening the common equity and Tier 1 capital of the bank. Following the issue, the government's stake in the bank will rise to 90.85% from 84.83%.

As of March 22, US$1 was equivalent to 69.13 Indian rupees.