South Indian Bank To Consider Fund Raising On July 30

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South Indian Bank to Consider Fund Raising on July 30

ri-calendar-2-lineJul 24, 2024

By: BlinkX Research Team

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The private lender South Indian Bank on Tuesday, July 23, announced that its board is scheduled to meet on Tuesday, July 30 2024, to mull the proposal of raising of funds.

 

Key Takeaways from South Indian Bank’s Fund Raising Consideration

  • South Indian Bank will consider a request to raise capital on Tuesday, July 30.
  • The bank may raise capital by issuing equity shares, including but not limited to preferential issues, QIPs, GDRs, ADRs, FCCBs, and other private placement techniques, such as FPOs.
  • The directors may also explore obtaining cash in Indian or foreign currency through the issuance of debt securities, such as non-convertible debentures, bonds, and MTNs. 

 

The bank may raise funds through the issuance of equity shares, including but not limited to preferential issue and/or qualified institutions placement (QIP), global depository receipts (GDRs), American depository receipts (ADRs), foreign currency convertible bonds (FCCBs), or any other private placement method, FPO, among others. subject to any applicable regulatory clearances.

 

The board of directors may also explore borrowing cash in Indian/foreign currency through the issuance of debt securities such as non-convertible debentures, bonds, and MTN, subject to any regulatory permissions that may be necessary. 

 

The bank’s standalone net profit rose 45.35% to Rs 294.13 crore in Q1 FY25 compared to Rs 202.35 crore recorded in Q1 FY24. The total income jumped 14.65% YoY to Rs 2,736.13 crore during the quarter.

 

About South Indian Bank Limited

South Indian Bank was the first scheduled bank among Kerala's private banks, founded in 1929. It has a significant influence throughout South India, notably in Kerala. South Indian Bank offers retail and corporate banking, as well as para-banking services such as debit cards and third-party financial product distribution, in addition to Treasury and Foreign Exchange business.

 

Currently, the bank runs 948 branches and 1,315 ATMs across India. The majority of its branches (460) are located in semi-urban locations around the country. Kerala accounts for the vast majority of the bank's activity. As of December 24, 36% of advances were sanctioned inside the state, 34% in the South (excluding Kerala), and the other 30% were sanctioned to the rest of India.

 

Read More About  South Indian Bank Share Price Here!

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