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The South Indian Bank Ltd approves 1:4 rights issue at Rs. 22 per share

Posted On: 2024-02-21 21:59:05 (Time Zone: IST)

The Board of Directors of The South Indian Bank Ltd (the "Board") at its meeting held on December 27, 2023, approved the offer and issuance of fully paid-up equity shares of the Bank (the "Rights Equity Shares") for an amount not exceeding ?1,750 crore, by way of a rights issue ("Rights Issue").

Pursuant to the above referred, the Board of Directors at their meeting held today, i.e. on February 21, 2024, has considered and approved the following terms of the Rights Issue:

Total number of Rights Equity Shares and Rights Issue size: 5,231,85,254 Rights Equity Shares each on fully-paid up basis for an amount aggregating upto ?1,151.01 crores (assuming full subscription with respect to Rights Equity Shares).

Rights Issue Price: ? 22 per Rights Equity Share fully paid-up (including a premium of ? 21 per Rights Equity Share) on application.

Rights entitlement ratio: 1 Rights Equity Shares for every 4 fully paid-up equity share of the Bank held by the eligible equity shareholders of the Bank, as on the record date ("Eligible Equity Shareholders")

Record date: Tuesday, February 27,2024

Rights Issue period:

- Rights Issue Opening Date: Wednesday, March 6, 2024; and
- Rights Issue Closing Date: Wednesday, March 20, 2024.

Outstanding Equity Shares:

Prior to the Rights Issue: 209,27,41,018 equity shares of the Bank;
Post Rights Issue# : 261,59,26,272 equity shares of the Bank.

Shares of The South Indian Bank Limited was last trading in BSE at Rs. 32.54 as compared to the previous close of Rs. 33.46. The total number of shares traded during the day was 5635549 in over 12174 trades.

The stock hit an intraday high of Rs. 34.09 and intraday low of 32.15. The net turnover during the day was Rs. 186699691.00.

#Assuming full subscription with respect to Rights Equity Shares.

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