The South Indian Bank Limited is one of the first banks in South India to be established during the Swadeshi movement.
The South Indian Bank offers
- Personal Banking: Under Personal Banking, the company offers account opening, term deposits, individual current accounts, personal loans, car loans, home loans, gold loans, etc., mutual fund investments, insurance, money transfers, etc.
- Priority Banking: Complimentary airport lounge, discount on locker rental, priority savings account, discount on lending, reward points, etc.
- NRI Banking: In this segment, the company offers account opening and deposits, loans and electronic services like online NRI account opening, KYC updates, FATCA-CRS updates etc.
- Online banking
- Banking services for businesses: These include business account opening, domestic financing, international financing, money transfer, value added services, SIB API banking, etc.
The South Indian Bank Rights Issue 2024 Detail
| Issue Open | March 6, 2024 – March 20, 2024 |
| Security Name | The South Indian Bank Limited |
| Issue Size (Shares) | 523,185,254 |
| Issue Size (Amount) | ₹1,151.00 Crores |
| Issue Price | ₹22 per share |
| Face Value | ₹1 per share |
| Listing At | BSE, NSE |
| Terms of Payment | Rights Issue Price: Rs.22 per Rights Equity Share fully paid-up (including a premium of Rs.21 per Rights Equity Share) payable on Application. |
| Entitlement | 1 Rights Equity Share(s) for every 4 fully paid-up Equity Shares held on Record Date |
The South Indian Bank Rights Issue 2024 Issue Timetable
| Last Date to buy shares | February 26, 2024 |
| Record Date | February 27, 2024 |
| Credit of Rights Entitlements | March 5, 2024 |
| Bid/Offer Opens On | March 6, 2024 |
| Renunciation of Rights Entitlements | March 14, 2024 |
| Bid/Offer Closes On | March 20, 2024 |
| Deemed Date of Allotment | April 5, 2024 |
| Credit Date | April 9, 2024 |
| Listing Date | April 12, 2024 |
Company Financials
The South Indian Bank Limited Financial Information (Restated Consolidated)
The South Indian Bank Limited’s revenue increased by 5.57% and profit after tax (PAT) rose by 1630.22% between the financial year ending with March 31, 2023 and March 31, 2022.
| Period Ended | 31 Mar 2023 | 31 Mar 2022 |
| Assets | 107,697.16 | 100,051.87 |
| Revenue | 8,044.55 | 7,620.44 |
| Profit After Tax | 775.31 | 44.81 |
| Net Worth | 6,098.03 | |
| Reserves and Surplus | 6,465.35 | 5,643.69 |
| Total Borrowing | 6,993.85 | 3,294.49 |
| Amount in ₹ Crore | ||
Objects of the Issue:
The Bank intends to utilize the net proceeds from the Issue to increase its Tier 1 capital base to meet future capital requirements expected to arise from growth in assets, primarily loans and investment portfolio, and to ensure compliance with regulatory capital requirements prescribed by the RBI from time to time.
The South Indian Bank Rights Issue 2024 Subscription Status
The South Indian Bank Rights Issue 2024 is subscribed 0.36 times as on March 15, 2024 5:00:00 PM. The total bid quantity received by BSE, NSE is 187,591,396 shares.
Company Contact Information
The South Indian Bank Limited
S.I.B. House, T.B. Road,
P.B. No: 28,
Thrissur – 680001
Phone: 0487-2420 020
Email: sibcorporate@sib.co.in
Website: http://www.southindianbank.com/