Good Customers’ Response for SIB’s Capital-Raising Intitiative

Destination-Kerala-SIB

Kochi: Kerala-based South Indian Bank (SIB) has said that the recent capital-raising initiative by the Bank has received overwhelming response from customers.

“The Rights issue of shares for a total amount of Rs. 630. 99 crore was subscribed 1.84 times,” the Bank said in a release here the other day.
V G Mathew, MD & CEO, SIB said the capital-raising, together with expected retention of internal capital generation, can support targeted business growth of 20 per cent per annum with a comfortable CRAR position for two years. The bank had a CRAR of 11.05 per cent at the end of Q3 and the fresh capital raised will raise CRAR by 160 bps, he said.
The shares issued under rights were allowed for trading on both BSE and NSE with effect from March 31, according to a Bank statement.
Mathew said the Bank was grateful to the investors for the support and confidence shown in various initiatives taken by the management to take the Bank to new heights.

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