Thrissur-based South Indian Bank (SIB) has revived its plan for a qualified institutional placement (QIP) of Rs 1,000 crore. The bank has decided to complete the issue in the current financial year, according to sources.
SIB had planned to launch the QIP in July and had also appointed merchant bankers for this excercise. However, the unfavourable market conditions played spoilsport. Currently, foreign institutional investment in the bank is about 48 per cent. Therefore, in the new issue, such investment would be limited to Rs 490 crore, as the maximum holding should not cross 49 per cent.
The bank had earlier appointed JM Financial, JP Morgan and SBI Caps as merchant bankers for the issue. Now, it has brought in Enam Securities as an additional merchant banker. The bank’s shares touched a 52-week high of Rs 28.20 on the Bombay Stock Exchange today. SIB plans to open 23 branches.
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