South Indian Bank Wednesday said it will raise up to Rs 250 crore by issuing Basel III compliant bonds.
The Capital Planning and Infusion Committee of the bank's board has approved a proposal in this regard.
"The Committee...approved the information memorandum for issuance of rated, unsecured, redeemable, non-convertible, Basel III compliant, lower tier 2 bonds up to Rs 150 crore with an option to retain an over-subscription aggregating up to Rs 100 crore, aggregating to total issue size of Rs 250 crore," the bank said in a regulatory filing.
The bonds would bear face value of Rs 1 lakh each, it said.
The stock of the bank settled at Rs 16, down 0.19 per cent ,on BSE.
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