The South Indian Bank Ltd approves Rs. 1750 crores rights issue

The Board of Directors of The South Indian Bank Ltd at their meeting held on December 27, 2023, has approved the proposal for fund raising for an amount not exceeding Rs. 1,750.00 Crores (Rupees One Thousand Seven Hundred and Fifty Crores Only) by way of issue of Equity Shares of the Bank ("Equity Shares"), on a right basis ("Right Issue") to its existing eligible shareholders as on the record date (to be fixed in due course) in accordance with applicable provisions of the Companies Act, 2013, as amended, SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended and other applicable laws.

The detailed terms in relation to the right issue, including but not limiting to issue price, rights entitlement ratio, record date, timing and terms of payment for the purposes of giving effect to the right issue will be determined and intimated in due course.

Shares of The South Indian Bank Limited was last trading in BSE at Rs. 26.68 as compared to the previous close of Rs. 26.09. The total number of shares traded during the day was 3761567 in over 4109 trades.

The stock hit an intraday high of Rs. 26.99 and intraday low of 26.30. The net turnover during the day was Rs. 100299873.00.

Source : Equity Bulls

Keywords

TheSouthIndianBank INE683A01023 FundRaising RightsIssue