South Indian Bank (SIB), 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.
Accordingly, the bank will be seeking shareholders approval for the above issue at its next Annual General Meeting (AGM) to be held on July 15, 2011.
South Indian Bank is a Kerala-based private sector bank which was established in 1929. As on March 31, 2010, SIBL had a network of 580 branches with a sizeable footprint in South India.
