South Indian Bank to raise Rs 500-crore from bonds

However, it is subject to approval of RBI, shareholders and other regulatory authorities

Private sector South Indian Bank on Wednesday said it proposes to raise up to Rs 500 crore from bonds to fund business expansion.

The board today decided to augment the capital by issue of Basel III compliant Tier I or Tier II bonds to be considered for capital fund purpose for a total face value not exceeding Rs 500 crore in one or more tranches, SIB said in a BSE filing.

It is subject to approval of Reserve Bank of India, shareholders and other regulatory authorities, it said.

The mode, price and time of the issue will be intimated in due course, it added.