Indian banks raise equity for capital

Bank of Baroda and Andhra Bank raise over $500 million from the Indian equity markets.
Government-controlled Bank of Baroda BoB and Andhra Bank have kicked off this year's equity issuance from the Indian banking sector with two follow-on issues that priced yesterday January 23.



Interest in both deals was said to be strong, with pricing fixed at the top of the ranges after the two order books closed more than 20 times covered by investors looking to arbitrage the lower valuations in the government listed banking sector against the country's private sector lenders.



BoB raised Rp16.33 billion $370 million from its deal after pricing 71 million new shares at Rp230 each. This represented a discount of 3.36% to Monday's closing share price. The shares were offered in...

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