South Indian Bank Ltd. plans to issue equity shares on a rights basis.
The shares will be issued at a ratio of one share for every three shares held on a record date yet to be determined, the bank said in a Dec. 21 filing. The shares will be priced at 14 rupees per share, including a premium of 13 rupees per share.
The proposed issuance is subject to necessary approvals.
As of Dec. 21, US$1 was equivalent to 67.85 Indian rupees.