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South Indian Bank’s net worth goes up
Staff Reporter
KOCHI: The paid-up capital of South Indian Bank has gone up to Rs. 90.40 crore from the previous level of Rs. 70.40 crore with a fresh issue of capital under the qualified institutional placement issue.
The net worth of the Thrissur-based bank has gone up to Rs. 1,049 crore. With the new capital issue, holding by financial institutions has gone up to 47.46 per cent against the permissible level of 49 per cent.
Business goals
A communication from the bank said that the fresh issue would help the bank achieve its business goals and meet capital adequacy requirements under Basel II norms. Edelweiss Capital Ltd. acted as the sole lead manager to the issue.
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