The Reserve Bank of India (RBI) has barred foreign investors’ buying in South Indian Bank as their shareholding in the bank has crossed the threshold limit.
The foreign shareholding through FIIs/ RFPIs/ non-resident Indians/ persons of Indian origin (PIO), foreign direct investment (FDI), American depository receipts (ADRs) and global depository receipts (GDRs) in the bank has crossed the prescribed threshold limit under the extant FDI policy. Hence, further purchases of equity shares of the bank would not be allowed through stock exchanges in India on behalf of FIIs/RFPIs/NRIs/PIOs and through FDI/ADRs/GDRs.
The bank’s net profit for the quarter ended June 30, 2014 rose by 10.28% at Rs 126.65 crore as compared to Rs 114.84 crore for the quarter ended June 30, 2013. Its total Income increased by 9.15% to Rs 1465.84 crore for the quarter under review from Rs 1342.88 crore for the corresponding quarter of the previous year.