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South Indian Bank plans to raise Rs 500 crore through QIP

22 Sep 2014 Evaluate

South Indian Bank is planning to raise up to Rs 500 crore through qualified institutional placements (QIP). The bank has already received approval from its board for the proposed QIP, which will mostly be for meeting its capital requirement. Meanwhile, the bank is also planning to add around 50 branches this financial year to its 835 branches.

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.