South Indian Bank on Friday said its board has approved raising up to Rs 1,250 crore through a combination of equity and debt instruments. Rs 750 crore will be raised through issuance of equity instrument and Rs 500 crore will be raised through debt instruments.
The Thrissur Kerala based bank has 875 branches and 1328 ATMs. It is the first bank in the private sector in India to open a Currency Chest on behalf of the RBI in April 1992 and to open a NRI branch in November 1992.
In its BSE regulatory filing on September 4. “Raising of funds up to Rs.750.00 crores its equivalent amount in such foreign currencies, by issuance of equity shares/other securities including but not limited through public issue, private placement, preferential issue and/or Qualified Institutional Placement (QIP), Further Public Offer (FPO), Rights Issue or any other international offering like Global Depository Receipts (GDRs)/American Depository Receipt (ADRs)/Foreign Currency convertible bonds (FCCBs ), any other Tier I instrument permitted by regulator.”
“Borrowing/raising of funds in Indian/ in equivalent foreign currency by way of issuance of debt instruments/securities including but not limited to non-convertible debentures, Bonds (including bonds forming part of Tier I/ II capital in accordance with and subject to the terms and conditions specified in the Basel III Capital Regulations prescribed by RBI, Medium-Term Notes (MTN), long-term infrastructure bonds or such other securities as may be permitted by RBI from time to time) up to Rs. 5OO.OO crores by the Bank, in domestic and/ or overseas market, on a private placement basis.” The bank further said.
The South Indian Bank also stated that it intends to increase the authorised share capital of the bank from Rs 250 crore to Rs 350 crore of face value Re 1/-.
“We hereby inform you that the Board of Directors of the South Indian Bank Ltd. at its meeting held today has decided to grant 1,50,000 options to Sri. V G Mathew, Managing Director & CEO under the 10th Tranche of SIB ESOS- 2008 as approved by the Reserve Bank of India on the terms and conditions of appointment.” The bank said on approving stock options.
The bank said it will seek shareholders” approval for these decisions at the AGM later this month. RBI recently approved the appointment of Murali Ramakrishnan as the the new CEO of the bank. The share closed at Rs. 7.45 on the NSE.
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