The Hindu Business Line : South Indian Bank plans Rs 150-cr public issue

SOUTH Indian Bank (SIB) today said that it plans to mobilise up to Rs 150 crore through a public issue for increasing share capital to meet Basel II norms.

The proposed issue would be through book-building route, the bank said in a statement.

SIB shares closed at Rs 71.95 at the BSE today, down 60 paise from the previous day's price.

The bank also said that the exact number of shares and the price band would be decided later in consultation with lead managers.

"Further issue of capital is to shore up capital adequacy ratio to enable the bank to meet the requirements of Basel II norms by March 31, 2006 in tune with the asset growth." The CAR as on August 31 was 10.50 per cent.

During the month, SIB had issued subordinated debt instruments worth Rs 65 crore as part of the augmentation of capital funds.

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