South Indian Bank Ltd approves Rights Issue of equity shares

The Board of Directors of South Indian Bank Ltd at their meeting held on December 21, 2016, has decided to issue equity shares of face value of Re. 1 each ("Equity Shares") of the Bank, to the existing shareholders of the Bank on a rights basis ("Rights Issue") in the ratio of 1:3 i.e. one Equity Shares for every three Equity Shares held on a record date to be fixed at a later date, at a price of Rs. 14 per Equity Share, including a premium of Rs. 13 per Equity Share, subject to necessary approvals.

Shares of SOUTH INDIAN BANK LTD. was last trading in BSE at Rs.20.8 as compared to the previous close of Rs. 20.55. The total number of shares traded during the day was 795947 in over 728 trades.

The stock hit an intraday high of Rs. 21 and intraday low of 20.45. The net turnover during the day was Rs. 16572068.

Source : Equity Bulls

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