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C.J. Punnathara

Kochi , March 19

THE net worth of South Indian Bank is poised to cross Rs 500 crore during next year.

The bank's Chairman, Mr A Sethumadhavan, told Business Line: " We plan to shore up our capital in order to attain the critical mass, based on which the bank will formulate its future long-term growth strategies."

The capital base will also be by a rights issue, which the bank plans to undertake in the coming couple of months.

The offer document for the rights issue was currently under the scrutiny of the Securities and Exchange Board of Indiaand permission is awaited any time now, Mr Sethumadhavan said. Shares will be offered to the existing shareholders at 1:3 ratio within a price band of Rs 35 to Rs 45 per share. On the platinum jubilee year, the bank has come out with a product targeted at working women and housewives.

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