South Indian Bank to raise Rs 250 cr via bonds issue

South Indian Bank said it would raise Rs 250 crore by issuing Basel III-compliant bonds to add up to its tier-II capital.

The capital planning and infusion committee of directors on Tuesday accorded approval to allot Basel III-compliant debt instruments qualifying as tier-II capital of the bank, South Indian Bank said in a BSE filing.

The private sector lender will issue 25,000 non-convertible, redeemable, unsecured debt instruments in the nature of bonds of a face value of Rs 1 lakh each, aggregating to Rs 250 crore, it said.