South Indian Bank aims to come up with 60 branches and 107 automated teller machines (ATM) in the current fiscal to enhance its network. Reserve Bank of India has given permission to the bank for branches in metro cities while banks are free to open branches in semi-urban and rural areas without RBI's clearance.
By March 2015 the bank is likely to enhance its total business mix (deposits and advances) to Rs 1.25 lakh crore, from Rs 50,500 crore now. The bank has plans to raise Rs 1,000 crore from qualified institutional investors to support this business growth plan for the next three years. The bank expects to complete the fund raising exercise by September 2011. The bank has a market capitalization of Rs 2,800 crore and has capital fund of Rs 1,800 crore.
Recently, South Indian Bank, a Kerala-based private sector bank has received its board’s approval for raising of capital by way of a QIP issue of equity shares not exceeding Rs 40 crore in nominal value, the time of issue to be decided later, subject to the approval of the shareholders and other regulatory authorities, if any. The approval was granted at its meeting held on May 21, 2011.
| Company Name | CMP |
|---|---|
| HDFC Bank | 799.90 |
| ICICI Bank | 1347.50 |
| Axis Bank | 1359.15 |
| Kotak Mahindra Bank | 383.50 |
| Indusind Bank | 853.15 |
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