NEW DELHI: South Indian Bank on Tuesday said it would raise Rs 250 crore by issuing Basel III-compliant bonds to add up to its tier-II capital.
The capital planning and infusion committee of directors Tuesday accorded approval to allot Basel III-compliant debt instruments qualifying as tier-II capital of the bank, South Indian Bank said in a BSE filing.
The private sector lender will issue 25,000 non-convertible, redeemable, unsecured debt instruments in the nature of bonds of a face value of Rs 1 lakh each, aggregating to Rs 250 crore, it said.
Shares of South Indian Bank were trading at Rs 15.75 apiece, up 0.38 per cent, over the previous close on the BSE.
Source: Press Trust of India
