South Indian Bank To Raise Rs 500 Cr Via Debt Security Issuance

New Delhi: The South Indian Bank on Saturday said it will raise Rs 500 crore through issuance of debt securities on private placement basis in domestic and overseas markets.

The bank’s board approved a proposal of raising of funds in Indian/ foreign currency by way of issuance of debt securities including but not limited to non-convertible debentures, bonds, of up to Rs 500 crores in domestic and/ or overseas market, on a private placement basis and/ or for making offers and/or invitations, the bank said in a BSE filing.

A proposal to raise funds by issuing up to 30 crore share of the face value of Rupee one each has also been approved by the board. Besides, the South Indian Bank board also decided to amend its memorandum of association.

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