Andhra Bank, the public sector lender, announced that the bank is proposing to come out with 8.65% - 10 years (call option after 5 years) unsecured non-convertible redeemable basel- III compliant tier-2 debt bonds series-C in the nature of debentures of Rs 10 lakh each for cash at par aggregating to Rs 10 billion.

The issue shall be opened for subscription on June 22, 2016 and will close on June 27, 2016 with the deemed date of allotment shall be June 27, 2016.

The bank has posted a consolidated profit for the year attributed to the group of Rs 5579.90 million for the year ended March 31, 2016, down 15% as compared to Rs. 6557.80 million for the year ended March 31, 2015.

Total income has increased from Rs. 187879.30 million for the year ended March 31, 2015 to Rs. 199109.10 million for the year ended

Shares of the bank gained Rs 0.75, or 1.37%, to settle  at  Rs 55.30.  The total volume of shares traded  was  561,914 at  the BSE (Monday).