The South Indian Bank Rights Issue 

The South Indian Bank Rights Issue will open for subscription from 06 March 2024. the company aims for an issue size of ₹1,151 Crores through this rights Issue.

About the company

The South Indian Bank Limited is one of the first banks in South India to be established during the Swadeshi movement. The South Indian Bank offers

  • Personal Banking: Under Personal Banking, the company offers account opening, term deposits, individual current accounts, personal loans, car loans, home loans, gold loans, etc., mutual fund investments, insurance, money transfers, etc.
  • Priority Banking: Complimentary airport lounge, discount on locker rental, priority savings account, discount on lending, reward points, etc.
  • NRI Banking: In this segment, the company offers account opening and deposits, loans, and electronic services like online NRI account opening, KYC updates, FATCA-CRS updates, etc.
  • Online banking
  • Banking services for businesses: These include business account opening, domestic financing, international financing, money transfer, value-added services, SIB API banking, etc.

Objectives of the Issue

The Bank intends to utilize the net proceeds from the Issue to increase its Tier 1 capital base to meet future capital requirements expected to arise from growth in assets, primarily loans, and investment portfolio, and to ensure compliance with regulatory capital requirements prescribed by the RBI from time to time.

The South Indian Bank Rights Issue Timetable

Last Date to buy shares26 February 2024
Record Date27 February 2024
Credit of Rights Entitlements05 March 2024
Bid/Offer Opens On06 March 2024
Renunciation of Rights Entitlements14 March 2024
Bid/Offer Closes On20 March 2024
Deemed Date of Allotment05 April 2024
Credit Date09 April 2024
Listing Date12 April 2024

The South Indian Bank Rights Issue Details

Issue OpenMarch 6, 2024 – March 20, 2024
Security NameThe South Indian Bank Limited
Issue Size (Shares)523,185,254
Issue Size (Amount)₹1,151.00 Crores
Issue Price₹22 per share
Face Value₹1 per share
Listing AtBSE, NSE
Terms of PaymentRights Issue Price: Rs.22 per Rights Equity Share fully paid-up (including a premium of Rs.21 per Rights Equity Share) payable on Application.
Entitlement1 Rights Equity Share(s) for every 4 fully paid-up Equity Shares held on Record Date

Company Financials

Period Ended31 Mar 202331 Mar 2022
Profit After Tax775.3144.81
Net Worth6,098.03
Reserves and Surplus6,465.355,643.69
Total Borrowing6,993.853,294.49
(Amount in ₹ Crore)

The South Indian Bank Rights Issue Documents

Lead Manager(s)

IIFL Securities Limited

The South Indian Bank Registrar

Link Intime India Private Ltd
Phone: +91-22-4918 6270

Company Contact Information

The South Indian Bank Limited
S.I.B. House, T.B. Road,
P.B. No: 28,
Thrissur – 680001

Phone: 0487-2420 020

Final Thoughts

Applying for the rights issue is purely a personal choice. make sure you make a detailed study about the company and rights issue before you make an investment decision.

Happy investing

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