South Indian Bank to consider fund raising on Jul 30

The private lender's board is scheduled to meet on Tuesday, 30 July 2024 to mull the proposal of raising of funds.

The bank may raise funds by way of issuance of equity shares including but not limited through preferential issue and/ or qualified institutions placement (QIP)/ global depository receipts (GDRs)/ American depository receipts (ADRs)/ foreign currency convertible bonds (FCCBs)/ or any other methods on private placement basis, FPO etc. subject to regulatory approvals, as may be required.

The board of directors may also consider borrowing/ raising funds in Indian/ foreign currency by issue of debt securities including but not limited to non-convertible debentures, bonds, MTN, subject to regulatory approvals, as may be required.

 

South Indian Bank provides retail and corporate banking, Para banking activities such as debit card, third party product distribution, in addition to treasury and foreign exchange business.

The banks standalone net profit increased 45.35% to Rs 294.13 crore in Q1 FY25 as against Rs 202.35 crore recorded in Q1 FY24. Total income jumped 14.65% YoY to Rs 2,736.13 crore during the quarter.

The scrip declined 0.89% to close at Rs 26.68 on Wednesday, 23 July 2024.

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