South Indian Bank looks to raise up to Rs 1,250 cr

The board also approved raising up to Rs 500 crore through issuance of debt instruments in domestic and/or foreign markets on a private placement basis. Also, the board has okayed increasing the foreign investment limit under the NRI/PIO category to 24 per cent of the share capital within the overall FDI limit, it said.

Private sector South Indian Bank on Friday said its board has approved raising up to Rs 1,250 crore through a mix of equity and debt instruments. It will seek shareholders' nod in the upcoming annual general meeting (AGM), the bank said in a regulatory filing. The meeting of the board of directors held on Friday approved holding the 92nd AGM on September 29, 2020 through audio/visual means, it said.

The board has approved raising up to Rs 750 crore or its equivalent amount in foreign currencies, by issuance of equity shares/other securities including through public issue, private placement and/or preferential issue, among others, in one or more tranches. The board also approved raising up to Rs 500 crore through issuance of debt instruments in domestic and/or foreign markets on a private placement basis.

Also, the board has okayed increasing the foreign investment limit under the NRI/PIO category to 24 per cent of the share capital within the overall FDI limit, it said. South Indian Bank also seeks to increase the authorised capital of the bank from Rs 250 crore to Rs 350 crore. The bank said it will seek shareholders' approval for these decisions at the AGM later this month.