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Tuesday, Aug 23, 2005

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Money & Banking - Private Banks


South Indian Bank garners Rs 65 cr from Tier II bonds

Our Bureau

Kochi , Aug. 22

THE Thrissur-based South Indian Bank has mopped up Rs 65 crore by way of Tier II bonds which will not only go in augmenting the capital base of the bank, but would also facilitate business expansion.

The issue, which opened on August 22, got fully subscribed within half an hour, according to a release from the bank.

The bonds had got dual rating from Fitch India Pvt. Ltd and CARE ratings.

The bank is considering various options to further increase its capital base and is planning to move the necessary resolutions in the ensuing AGM to be held during the coming month, the release added.

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