The company will issue 5,231,85,254 shares at Rs 22 per equity share on fully paid up basis (including a premium of Rs 21 per rights equity share and Rs 1 face value) for an amount aggregating to Rs 1,151.01 crore.
The right issue will be open on Wednesday, 6 March 2024 and it will close on Wednesday, 20 March 2024.
The company will allot 1 right equity shares for every 4 equity share held by eligible equity shareholders of the company, as on the record date. The record date for the same is fixed at 27 February 2024.
The outstanding equity share prior to right issue are 209,27,41,018 equity shares and the post rights issue would be 261,59,26,272 equity shares assuming full subscription.
South Indian Bank has a network of 940 branches in India and provides retail and corporate banking, para banking activities such as debit card, third party financial product distribution, in addition to Treasury and Foreign Exchange Business.
The bank reported consolidated net profit of Rs 305.38 crore in Q3 FY24 steeply higher than Rs 103.01 crore recorded in Q3 FY23. Total income jumped 41.4% year on year to Rs 2,636.23 crore in the quarter ended 31 December 2023.