South Indian Bank to Raise up to Rs 500 Cr via Bonds

New Delhi: Kerala-based South Indian Bank will raise up to Rs 500 crore by way of Tier-II bonds to meet future credit demand.

"The Board of Directors of the bank at its meeting held today has decided to augment tier-II capital by issue of subordinated tier-II bonds for a total face value not exceeding Rs 500 crore, including greenshoe option, if any," South Indian Bank said in a filing to the BSE.

As of 2:07 p.m., shares in South Indian Bank were trading at Rs 27.50 apiece on the BSE, up 4.36 per cent from the previous close.