South Indian Bank To Raise Rs 500 Crore From Bonds

New Delhi: South Indian Bank on Wednesday said it proposes to raise up to Rs 500 crore from bonds to fund business expansion.

The board on Wednesday  decided to augment the capital by issue of Basel III-compliant Tier I or Tier II bonds to be considered for capital fund purpose for a total face value not exceeding Rs 500 crore in one or more tranches, the private sector lender said in a filing to the BSE.

It is subject to approval of the Reserve Bank of India, shareholders and other regulatory authorities, it said.

The mode, price and time of the issue will be intimated in due course, it added.