South Indian Bank Approves Rs 1,151 Cr Rights Issue

Feb 22, 2024 21:16

South Indian Bank has approved a rights issue of up to Rs 1,151 crore to fund business growth. The issue will be priced at Rs 22 per share and will open on March 6.

South Indian Bank Approves Rs 1,151 Cr Rights Issue

New Delhi, Feb 22 (PTI) 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.

By Rediff Money Desk, NEWDELHI

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