South Indian Bank rose 1.07% to Rs 18.95 at 15:15 IST on BSE after the bank said that its board of directors has decided to augment the capital by issue of Basel III compliant, Tier I and or Tier II bonds.
The announcement was made after trading hours yesterday, 1 June 2016.Meanwhile, the S&P BSE Sensex was up 151.83 points or 0.57% at 26,865.76.
On BSE, so far 3.52 crore shares were traded in the counter as against average daily volume of 3.93 lakh shares in the past one quarter. The stock hit a high of Rs 19.20 and low of Rs 18.70 so far during the day. The stock had hit a 52-week high of Rs 25.90 on 6 July 2014. The stock had hit a 52-week low of Rs 16.40 on 29 February 2016. The stock had underperformed the market over the past one month till 1 June 2016, rising 2.74% compared with 4.32% gains in the Sensex. The scrip had also underperformed the market in past one quarter, gaining 11.61% as against Sensex's 12.34% gains.
The mid-cap private sector bank has equity capital of Rs 135.03 crore. Face value per share is Re 1.
South Indian Bank said that its board of directors has decided to augment the capital by issue of Basel III compliant Tier I and or Tier 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 mode, price and time of the issue will be intimated in due course, the bank said.
South Indian Bank's net profit rose 347.1% to Rs 72.97 crore on 4.3% rise in total income to Rs 1506.94 crore in Q4 March 2016 over Q4 March 2015..
South Indian Bank is a private sector bank in India.
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