Andhra Bank to come out with IPO | business | Hindustan Times
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Andhra Bank to come out with IPO

With a view to expand its presence Andhra Bank will come out with an IPO offering 8.5 cr on Jan 16.

business Updated: Jan 10, 2006 16:50 IST

With a view to expand its presence in domestic and international market, leading public sector bank, Andhra Bank will come out with an IPO offering 8.5 crore share of Rs 10 each at par on January 16.

"Andhra Bank, which is the only public sector bank with the lowest net npa (0.26 per cent) is coming out with an IPO offering 8.5 crore equity shares of Rs 10 each to expand its presence in the domestic and international market," bank General Manager T Ravi Shankar Trivedi told reporters on Tuesday.

He said the leading London-based publication "The Banker" has rated the Andhra Bank as Asia's number one bank, while, the Business Standard in its annual banking survey has given top rankings in eight areas to the bank.

The survey assessed the bank in the areas of productivity, profitability, growth, safety and efficiency among others.

The bank has registered an annual increase of 10.78 per cent in deposits, while in advances it has recorded a growth of 23.94 per cent, he said adding the bank has a network of 1177 branches in India with 13.9 million customers.

As per the guidelines, the premium will be announced two days prior to opening of the issue and it will close on January 20.

First Published: Jan 10, 2006 16:28 IST