South Indian Bank has allotted 2 crore equity shares to qualified institutional buyers (QIB). The equity shares issued through qualified institutions placement (QIP) for Rs 10 each with a premium of Rs 153 per share. The purpose of QIP is to augment the capital base.
Kerala-based private-sector, SIB’s net profit rose 101.8% to Rs 30.37 crore on 41.8% growth in operating income to Rs 321.97 crore in Q1 June 2007 over Q1 June 2006.
SIB’s current equity share capital is Rs 70.41 crore. Face value per share is Rs 10.