South Indian Bank approves Rs 1,151 cr rights issues to fund business

South Indian Bank on Thursday said the board of the bank has approved a rights issue raise of up to Rs 1,151 crore to fund business growth.

The board has approved proposal for issuance of 5,231,85,254 rights issue on fully-paid up basis for an amount aggregating up to Rs 1,151.01 crores assuming full subscription with respect to rights equity shares, South Indian Bank said in a regulatory filing.

The rights issue would be priced at Rs 22 per fully paid-up share, including a Rs 21 premium per unit on application, it said.

The rights issue opens on March 6 and closes on March 20, 2024, the private sector lender added.