Mohnish Pabrai through his Pabrai Investment Fund (PIF) has bought 19.6 million shares representing 1.46% of total equity of South Indian Bank at Rs 32.50 each on NSE. Of total, Mohnish Pabrai bought 14.54 million shares from Renuka Ramnath’s Multiples Equity and the rest from the open market.
The bank posted a fall of 19% in its net profit at Rs 124.60 crore for the quarter ended March 31, 2014 as compared to Rs 153.83 crore for the same quarter in the previous year. However, total income of the company increased by 8.77% at Rs 1399.18 crore for quarter under review as compared to Rs 1286.37 crore for the quarter ended March 31, 2013.