South Indian Bank completes QIP of Equity Shares

The Board of Directors of South Indian Bank Ltd approved the allotment of up to 200,000,000 equity shares pursuant to the issue and authorized the board or any committee of the board to effect the allotment and list the equity shares. The Reserve Bank of India (RBI) also granted in principle approval in respect of the issue through its letter dated August 1, 2012.

On September 7, 2012 the Capital Planning and Infusion Committee of the board has approved the issue and allotment of 200,000,000 equity shares to 8 allottees.

The allottees include IFCI Ltd., Axis Bank Ltd., IIFL INC A/C Multiples Private Equity, Multiples Private Equity Fund, SBIMF Magnum Sector Fund Umbrella Contra, SBI Life Insurance Company Limited, State Bank of India and First Carlyle Ventures Mauritius.

The issue price was fixed as Rs.22.13.

The South Indian Bank Ltd stock was trading at Rs.21.55. The stock hit an intraday high of Rs.21.85 and low of Rs.21.50.

The total traded quantity was 1.64 lakhs compared to 2 week average of 2.09 lakhs.

Source : Equity Bulls

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