South Indian Bank will raise an amount not exceeding Rs 500 crore in one or more tranches, within the overall borrowing limits of the bank. The bank will raise funds by issuing debt securities, long-term infrastructure bonds on a private placement basis to augment business requirements.
The bank will borrow the funds in Indian or foreign currency. It has appointed International Finance Corporation (IFC) as a consultant for advisory support for augmenting business across various verticals to achieve the strategic pact-2020 vision, Rs 2,00,00 crore turnover and Rs 1,000 crore net profit.
Further, the bank will open 50 offices, including new branches and extension counters, and 150 ATMs during the current fiscal year.
