South Indian Bank board to mull fund raising on 4 Sept

The board of South Indian Bank will consider fund raising via equity and debt on Friday, 4 September 2020.

The board will consider raising funds by issuing equity shares including but not limited through preferential issue and/or Qualified Institutions Placement (QIP)/ Global Depository Receipts (GDRs)/ American Depository Receipts (ADRs)/ Foreign Currency Convertible Bonds (FCCBs)/ or any other rnthods on private placement basis, FPO, rights issue etc. subject to regulatory approvals, as may be required.

The board will also consider borrowing/raising funds in Indian/foreign currency by issue of debt securities including but not limited to non-convertible debentures, bonds, MTN. The announcement was made post trading hours on Friday, 28 August 2020.

 

South Indian Bank's standalone net profit jumped 11.5% to Rs 81.65 crore on a 4.6% increase in total income to Rs 2,171.86 crore in Q1 June 2020 over Q1 June 2019.

Shares of South Indian Bank declined 3.94% to Rs 7.31. South Indian Bank provides retail and corporate banking, para banking activities, such as debit card, third-party product distribution, in addition to treasury and foreign exchange business.

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