Andhra Bank plans Rs. 1,000-cr infrastructure bond issue

The bank is currently talking to investors for an infrastructure bond issue aggregating Rs. 1,000 crore

Andhra Bank is planning to issue infrastructure bonds for both institutional and retail investors, according to a media report. The bank is currently talking to investors for an infrastructure bond issue aggregatingRs. 1,000 crore. The bonds will be of 7-10-year duration and the coupon rate being quoted is around 9.30%, the report added. The subscription for infrastructure bonds for institutional investors usually closes in a day. But for retail investors, the subscription period has to be kept open for a longer period. Andhra Bank, in the current financial year, opened seven of its nine new zonal offices outside AP and Telangana.