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Kochi, Sept. 24 The board of directors of South Indian Bank has fixed October 17, as the record date for the purpose of issue of bonus shares. The bonus issue will be in the 1:4 ratio - that is one bonus share for every four equity shares held on the record date.

In a statement issued here Dr V.A. Joseph, Chairman and CEO of the bank said: “The capital base of the bank had been strengthened by various types of share issues, viz. rights issue, public issue, follow-on public offer. But this is the first bonus issue in the bank’s history. We wanted to reward our shareholders as bonus issue is intended to enhance the value of our long-term shareholders in the wake if the unprecedented all-round growth of the bank.”

A meeting of the board is slated for October 14 to consider and approve the financial results for the second quarter of the current fiscal.

More Stories on : Bonus Announcements | Private Banks

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