South Indian Bank shareholders approve raising Rs 500 cr

The shareholders of South Indian Bank today approved raising Rs 500 crore debt on private placement basis.

At the 89th Annual General Meeting of shareholders, the bank placed resolution "to approve the borrowing/raising funds in Indian/foreign currency by issue of debt securities up to Rs 500 crore on private placement basis."

In a regulatory filing, the bank said, "All the resolutions were passed with requisite majority."

The shareholders also approved re-appointment of VG Mathew as Managing Director and CEO with effect from October 1, 2017 for a period of three years.