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Old January 20th, 2018, 10:24 AM
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Default Re: QIP South Indian Bank

Private moneylender South Indian Bank has said that its board has affirmed a proposition to raise up to Rs 20 crore ($3.3 million) through Qualified Institutional Position (QIP), according to a securities exchange revelation.

The bank did not uncover additionally points of interest and said the cost and time of the issue will be hinted at the appointed time.

As on March 2014, South Indian Bank had 800 branches and 1,000 ATMs in the wake of including 50 branches and 200 ATMs in the last financial year. It utilizes 7,376 individuals and plans to build the number to 7,500 in this monetary year.

South Indian Bank is sponsored a large number of private value financial specialists like Multiples, Carlyle Group and CX Partners.

Early this month Multiples Alternate Asset Management or Multiple had logged its initially exit by offering a fifth of its holding in South Indian Bank under two years in the wake of sponsorship the private bank. The PE firm sold its offers to a support stock investments keep running by Indian cause speculation supervisor Mohnish Pabrai.

Products sold around 1 for each penny stake for Rs 47.3 crore (just shy of $8 million) on Friday, in its first liquidity move from its introduction support which brought around $450 million up in 2010-11.

The PE firm had picked 5.6 for each penny stake in old age private bank through a QIP in 2012, where South Indian Bank brought Rs 443 crore up in absolute. The QIP had likewise observed interest from The Carlyle Group, which began getting stake in the Thrissur-based bank a couple of months before that year.

The bank revealed a 10 for every penny increment in net benefit to Rs 126.65 crore for the quarter finished June 30, 2014 contrasted and Rs 115 crore in a similar quarter a year ago.
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