Business Daily from THE HINDU group of publications
Thursday, Jul 19, 2007
ePaper
Business Daily from THE HINDU group of publications Thursday, Jul 19, 2007 ePaper |
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Money & Banking
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Private Banks Edelweiss gets SIB mandate to raise funds
Our Bureau Chennai, July 18 Edelweiss Securities Pvt Ltd, the wholly owned subsidiary of Edelweiss Capital Ltd, has secured the mandate from South Indian Bank to raise funds for the bank. It is understood that the bank would raise between Rs 300 crore and Rs 350 crore. In a notice to the stock exchanges, South Indian Bank said that it would hold an extraordinary general meeting of shareholders on August 17, seeking their approval for the fund raising exercise. Funds would be raised through the Qualified Institutional Placement (QIP) route and the price would be fixed in accordance with the SEBI guidelines. The issue is expected to be over by September. The bank has said it would issue 2 crore shares to QIPs. Today, foreign holding in the bank has risen to 43.5 per cent from 8 per cent two years ago. The major FIIs are: India Capital Fund with 9.94 per cent, India Fund 6.51 per cent, Goldman Sachs (Mauritius) Ltd 4.77 per cent and Macquarie Bank 4.56 per cent.
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