South Indian Bank sells stake in Bharath Overseas Bank

South Indian Bank Ltd has announced that the Bank has sold 15,74,999 shares with face value of Rs 10/- per share representing 10% of paid up capital, which it was holding in Bharath Overseas Bank Ltd., an un-listed private bank with headquarters at Chennai, retaining one share with the Bank. The transaction was concluded on September 09, 2006. The shares have been bought out by Indian Overseas Bank, a public sector listed bank, Rs 155/- per share, as part of its taking control of Bharath Overseas Bank Ltd.

Source : Equity Bulls

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