The proposed fundraising will be carried out in Indian currency or equivalent foreign currency through domestic and/or overseas markets on a private placement basis. The issuance can be undertaken in one or more tranches or series for a period of one year from the date of approval.
The proposed debt issuance may include bonds forming part of Tier II capital under the Basel III Capital Regulations prescribed by the Reserve Bank of India (RBI), Medium-Term Notes (MTN), long-term infrastructure bonds or other securities permitted by regulators.
ALSO READ | South Indian Bank Q1 Results: Profit rises on better asset quality; NII grows 23%
The bank said the issuance will be within its overall borrowing limits and subject to approval from shareholders through a special resolution at the forthcoming 98th Annual General Meeting (AGM).
The board has also approved seeking shareholder approval for the terms and conditions of each tranche, including pricing, coupon, premium, discount and tenure, as per the applicable regulatory framework.
The board has recommended the appointment of Mahesh Muralidhar Pai as Managing Director and Chief Executive Officer (MD & CEO) of the bank for a three-year term from October 1, 2026, to September 30, 2029, subject to approval from shareholders at the Annual General Meeting (AGM).
ALSO READ | South Indian Bank shares drop 9% after RBI approves three-year term for new CEO
It has also recommended the re-appointment of Dolphy Jose as director. Jose, who retires by rotation under Section 152 of the Companies Act, 2013, has offered himself for re-appointment, which will be placed before shareholders for approval at the AGM.
The board has further proposed the re-appointment of Lakshmi Ramakrishna Srinivas as independent director for a second term of five consecutive years from November 20, 2026. The appointment will not be subject to retirement by rotation and will require shareholder approval at the AGM.
Shares of South Indian Bank Ltd ended at ₹45.33, down by ₹0.19, or 0.42%, on the BSE.
ALSO READ | South Indian Bank’s loan book jumps 17% to cross ₹1 lakh crore in Q1, deposits up 11%
