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South Indian Bank raises ₹1,151 cr
The Business Guardian
|February 23, 2024
In a significant move to South Indian Bank announced a rights issue aimed at raising Rs 1,151.01 crore, leading to a notable surge in its share price.
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The announcement, which came on Thursday, saw the bank's shares climb by 5.37 per cent on the National Stock Exchange, reflecting investor optimism about the bank's strategic direction.
The Thrissur-based lender has set the price at Rs 22 per share for the 523.1 million rights shares it plans to issue on a fully paid-up basis. This decision was made as part of the bank's efforts to strengthen its financial position and support its growth trajectory. A rights issue is a financial instrument that allows companies to raise capital by offering additional shares to existing shareholders at a discounted price, rather than seeking external funding sources.
The bank has scheduled the rights issue to open on March 6, 2024, and close on March 20, 2024, with February 27, 2024, designated as the record date for determining eligible shareholders. This move is expected to increase the number of outstanding equity shares from 2,092,741,018 to an estimated 2,615,926,272, assuming full subscription to the rights issue.
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