South Indian Bank to raise capital through private placement of equity shares

South Indian Bank Ltd has announced that the Board of Directors of the Bank at its meeting held on July 10, 2007 has decided to raise capital through issue of Equity shares upto 2 Crores, by way of private placement, subject to approval from Regulatory Authorities.

The Management Committee of the Board (MCB) has been authorized to place the securities either through Preferential Allotment or by way of Qualified Institutional Placement (QIP) in consultation with the Investment Bankers at the best possible price by following SEBI Guidelines.

The MCB has also been authorized to appoint Investment Bankers and to fix their terms of reference.

The stock closed the day at Rs.135.75, down by Rs.4.10 or 2.93%. The stock hit an intraday high of Rs.146 and low of Rs.134.75. The total traded quantity was 308994 compared to 2 week average of 74867.

Source : Equity Bulls

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