South Indian Bank gains on plan to raise Rs 500 crore through QIP

South Indian Bank gains on plan to raise Rs 500 crore through QIP

Sep 22,2014   10:55 Hrs IST

The South Indian Bank is currently trading at Rs. 27.75, up by 0.15 points or 0.54% from its previous closing of Rs. 27.60 on the BSE. The scrip opened at Rs. 27.60 and has touched a high and low of Rs. 27.75 and Rs. 27.50 respectively. So far 45741 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 35.05 on 07-Jul-2014 and a 52 week low of Rs. 19.65 on 04-Feb-2014. Last one week high and low of the scrip stood at Rs. 28.60 and Rs. 27.20 respectively. The current market cap of the company is Rs. 3733.77 crore. The institutions and non-institutions held 52.69% and 47.31% stake in the company, respectively. South Indian Bank is planning to raise up to Rs 500 crore through qualified institutional placements (QIP). The bank has already received approval from its board for the proposed QIP, which will mostly be for meeting its capital requirement. Meanwhile, the bank is also planning to add around 50 branches this financial year to its 835 branches. The bank’s net profit for the quarter ended June 30, 2014 rose by 10.28% at Rs 126.65 crore as compared to Rs 114.84 crore for the quarter ended June 30, 2013. Its total Income increased by 9.15% to Rs 1465.84 crore for the quarter under review from Rs 1342.88 crore for the corresponding quarter of the previous year.