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South Indian Bank plans rights issue

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South Indian Bank plans rights issue

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.