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The board of directors of South Indian Bank has decided to seek the approval of shareholders in the ensuing annual general meeting by way of special resolutions to raise funds up to ₹1,000 crore by issuing equity shares in one or more tranches and ₹500 crore by way of issuance of debt instruments/securities, including debentures and bonds, subject to the applicable regulatory approvals.
Murali Ramakrishnan, MD & CEO, said that this is a practice followed by the bank as part of its annual capital raising plan. The annual general meeting is slated to be held on August 24.
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