The Hindu Business Line : South Indian Bank net worth crosses Rs 1,000 cr

Kochi, Sept. 30 With the successful issue of further capital to the tune of two crore equity shares at Rs 163 per share, which includes the premium, the net worth of South Indian Bank has crossed Rs 1,000 crore.

This Qualified Institutional Placement fetched the bank Rs 326 crore.

Paid-up capital

With this issue, the paid-up capital of the bank has gone up from Rs 70.40 crore to Rs 90.40 crore and the net worth has touched Rs 1,049 crore, a press release from the bank said.

Edelweiss Capital was the sole lead manager of the issue. After the QIP allotment, the FII holding in the bank stood at 47.46 per cent against the permissible limit of 49 per cent.

NPA reduced

“The present issue will enable the bank in achieving the projected business levels and meeting the capital adequacy requirements under the Basel II norms,” Mr V.A. Joseph, Chairman, said.

The bank, which was able to reduce the net NPA as percentage of net advances from 1.86 to 0.98 per cent, has also been adjudged ‘the top NPA manager’ in a recent Assocham Eco Pulse study.

The bank has also established the largest networking of core banking branches in the private sector next only to ICICI, HDFC and Axis Bank, the release said.