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South Indian Bank to raise Rs 500 crore through issue of bonds

02 Jun 2016 Evaluate

South Indian Bank has decided to raise up to Rs 500 crore from bonds to fund business expansion. The Board of Directors of the Bank at its meeting held on June 01, 2016 has decided to augment the capital by issue of Basel III compliant Tier I/II Bonds to be considered for Capital Fund purpose for a total face value not exceeding Rs 500 crore in one or more tranches. The issue is subject to approval of Reserve Bank of India, shareholders and other regulatory authorities.  The mode, price and time of the issue will be intimated in due course.

The bank has posted over four fold jump in its net profit at Rs 72.97 crore for the quarter ended March 31, 2016 as compared to Rs 16.32 crore for the same quarter in the previous year. Total income of the bank has increased by 4.33% at Rs 1506.94 crore for quarter under review as compared to Rs 1444.37 crore for the quarter ended March 31, 2015.

South Indian Bank Share Price

38.95 0.17 (0.44%)
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