South Indian Financial institution will get nod to boost Rs 240 crore

South Indian Financial institution will get nod to boost Rs 240 crore
The lender stated that as much as 28,30,18,867 fairness shares of face worth of Rs 1 every at a difficulty value of Rs 8.48 every might be issued to the insurance coverage corporations.

South Indian Financial institution (SIB) stated in a regulatory submitting on Tuesday that a unprecedented basic assembly (EGM) of the financial institution authorised the particular decision to boost Rs 240 crore by issuing fairness shares on a preferential foundation from HDFC Life Insurance coverage Firm, Kotak Mahindra Life Insurance coverage Firm, SBI Life Insurance coverage Firm and ICICI Lombard Basic Insurance coverage Firm.

The lender stated that as much as 28,30,18,867 fairness shares of face worth of Rs 1 every at a difficulty value of Rs 8.48 every might be issued to the insurance coverage corporations.

Publish-allotment of the securities HDFC Life, Kotak Mahindra Life and SBI Life will maintain 4.23 % shares of the financial institution every, whereas ICICI Lombard Basic Insurance coverage will maintain 0.85 % share.

SIB had obtained approval of shareholders within the final annual basic assembly for elevating of funds in Indian or international forex by means of issuance of debt securities as much as Rs 500 crore.

South Indian Financial institution has additionally obtained approval of shareholders for growing the authorised capital of the financial institution to Rs 350 crore. The Thrissur-based financial institution had reported a web lack of `91.62 crore within the third quarter of the fiscal on account of upper credit score price.

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