)
Kerala-based South Indian Bank will raise up to Rs 500 crore by way of tier-II bonds to meet future credit demand.
"The Board of Directors of the bank at its meeting held today has decided to augment tier-II capital by issue of subordinated tier-II bonds for a total face value not exceeding Rs 500 crore, including greenshoe option, if any," South Indian Bank said in a filing to the BSE.
The bank's shares were trading 3.80% up at Rs 27.35 apiece during afternoon session on the BSE.
