South Indian Bank to raise funds through QIP

South Indian Bank Ltd has announced that the Management Committee of Board (MCB) at its meeting held on July 14, 2007, has decided to convene an Extra-ordinary General Meeting of the shareholders of the Bank on August 17, 2007 for getting the consent of the shareholders for issue of further shares by way of Qualified Institutional Placement (QIP) in accordance with the SEBI Guidelines, with the approval of Reserve Bank of India (RBI) and other Regulatory Authorities in this connection. The relevant date for the purpose of the issue would be July 18, 2007.

The MCB has also decided to appoint M/s. Edelweiss Securities Pvt Ltd, Mumbai as the Merchant Banker to the QIP issue.

The stock was trading at Rs.154.50, up by Rs.1.85 or 1.21%. The stock hit an intraday high of Rs.157 and low of Rs.152.60. The total traded quantity was 40828 compared to 2 week average of 140653.

Source : Equity Bulls

Keywords