Today, on March 6, 2024, the share of South Indian Bank is to be on focus. This is a result of their rights issue, which was approved on February 21, 2024. The bank’s Board of Directors approved the rights issue to raise ₹1,151.01 crore. The record date was on Tuesday, February 27, 2024.
As per the details shared by the company with exchanges, the Rights Issue period of the South Indian Bank will start today, i.e., March 6, 2024, and the closing date is March 20, 2024.
The total number of rights issue size is 523,185,254 shares each on a fully paid-up basis for an amount aggregating up to ₹1,151.01 crore. The board of the company set the rights issue price at ₹22 per rights equity share. This includes a premium of ₹21 per rights equity share. As per the filing on the BSE website, after the rights issue, the outstanding equity shares of the company would be 261,59,26,272.
South Indian Bank offers retail and corporate banking services such as loans, accounts, debit cards, etc. In addition to this, the bank also offers insurance, mutual funds, and NRI banking services. South Indian Bank is a constituent of S&P BSE SmallCap. As of March 6, 2024, the market cap of the company is ₹7,916 crore. Today, on March 6, 2024, the stock price of South Indian Bank is fluctuating around ₹30.20. The shares of the company are high by 93.06% on a YTD basis.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
Published on: Mar 6, 2024, 2:02 PM IST
We're Live on WhatsApp! Join our channel for market insights & updates
Get the link to download the App
