The South Indian Bank Ltd to issue shares to HDFC Life, Kotak Mahindra Life, SBI Life and ICICI Lombard

The Board of Directors (the "Board") of The South Indian Bank Limited (the "Company"), at its meeting held today i.e. February 25, 2021, have subject to the approval of the shareholders of the Company and such other regulatory / governmental approvals as may be required, the Board has approved issuance of up to 28,30,18,867 equity shares of face value of Re. 1/- each ("Equity Shares") to HDFC Life Insurance Company Ltd., Kotak Mahindra Life Insurance Company Ltd., SBI Life Insurance Company Ltd. and ICICI Lombard General Insurance Company Ltd., in terms of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2015 (the "ICDR Regulations"), at a price of Rs.8.48 per Equity Share aggregating to Rs.2,39,99,99,992.2 (Rupees two hundred and thirty nine crore ninety nine lakh ninety nine thousand nine hundred and ninety two and paise twenty), on a preferential basis in accordance with Chapter V of the ICDR Regulations and other applicable laws (the "Preferential Allotment").

The Board also approved the convening of an extraordinary general meeting of the shareholders of the Company to be held on Tuesday, March 23, 2021 along with the draft notice convening the meeting to be issued to the shareholders for seeking their approval for the proposed Preferential Allotment.

Shares of SOUTH INDIAN BANK LTD. was last trading in BSE at Rs.8.9 as compared to the previous close of Rs. 8.96. The total number of shares traded during the day was 2047202 in over 64852 trades.

The stock hit an intraday high of Rs. 9.14 and intraday low of 8.85. The net turnover during the day was Rs. 18309586.

Source : Equity Bulls

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