South Indian Bank to raise Rs 500 Cr via debt

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

According to the filing, the board in its meeting held on Saturday also approved the proposal to raise funds by issuing up to 30 crore share of the face value of Rupee one each. South Indian Bank board also decided to amend its memorandum of association.