Andhra Bank (BSE:532418) announced a private placement of shares for gross proceeds of up to INR 32,560,000,000 on February 20, 2019. The transaction will include participation from existing investor India. The securities will be issued on preferential basis. The transaction has been approved by Government of India vide its letter F.No.7/23/2019-BOA-I. The transaction is subject to regulatory approvals. The transaction is subject to approval of board of directors, in a meeting scheduled to be held on February 26, 2019.