South Indian Bank rose 2.85% to Rs 25.30 at 9:39 IST on BSE after the central bank allowed foreign investors to buy shares in South Indian Bank as the foreign shareholding in the bank has gone below the prescribed limit.
Meanwhile, the BSE Sensex was up 28.26 points, or 0.12%, to 22,793.09.
On BSE, so far 12.81 lakh shares were traded in the counter, compared with an average volume of 9.84 lakh shares in the past one quarter.
The stock hit a high of Rs 25.95 and a low of Rs 25.25 so far during the day. The stock hit a 52-week high of Rs 26.35 on 7 June 2013. The stock hit a 52-week low of Rs 18.95 on 4 September 2013.
The stock had outperformed the market over the past one month till 21 April 2014, rising 10.07% compared with the Sensex's 4.65% rise. The scrip had also outperformed the market in past one quarter, rising 18.84% as against Sensex's 7.12% rise.
The mid-cap company has an equity capital of Rs 134.39 crore. Face value per share is Re 1.
The Reserve Bank of India (RBI) on Monday, 21 April 2014, notified that the aggregate share holding by foreign institutional investors (FIIs)/non-resident indians (NRIs)/persons of Indian origin (PIOs)/foreign direct investment (FDI)/American depository receipt (ADR)/global depository receipts (GDRs) under the portfolio investment scheme (PIS) in South Indian Bank have gone below the prescribed threshold caution limit stipulated under the extant FDI policy. Hence the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect.
It may also be noted that all the approvals received against the said scrip are duly cancelled. Equity shares of South Indian Bank can now be purchased through primary market and stock exchanges, RBI said in a statement.
Currently, FIIs are allowed to invest upto 49% of the paid-up capital of South Indian Bank under the portfolio investment scheme (PIS).
As at 31 March 2014, FIIs held 41.69% stake in South Indian Bank.
South Indian Bank's net profit rose 10.18% to Rs 141.31 crore on 11.79% growth in total income to Rs 1334.74 crore in Q3 December 2013 over Q3 December 2012.
South Indian Bank is a Kerala-based private-sector bank.
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