Mumbai, Feb 23: Andhra Bank's initial public offer (IPO) has got an overwhelming response. The Rs 150-crore offering which opened on February 14 has been substantially oversubscribed. The exact figure could not be available as more applications are still pouring in. The bank however, projected over 1.5 lakh applications for the IPO.The issue opened for subscription on February 14 for an aggregate amount of Rs 150 crore. The face value of the equity is of Rs 10 each. Funds mobilised through the offering will be used to finance the bank's future growth plans. A major part of the issue will be diverted towards its asset expansion plans.
Capital adequacy of the bank stood at 12.49 per cent as on end-September 2000, well above the regulatory level of nine per cent.
Net-profit stood at Rs 63.78 crore as on September 30, 2000, registering a 16 per cent growth over the corresponding period last year.
Total income of the bank stood at Rs 985.15 crore with total assets at Rs 18,054.36 crore for the same period. Total expenditure of the bank was at Rs 830.56 crore. Lead managers to the issue are SBI Capital Markets Ltd, with MCS Ltd as the registrar.
Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.
