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NRI Yusuffali acquires stake in South Indian Bank

NRiNRI businessman M.A. Yusuffali has acquired more than2% stake in South Indian Bank for an estimated Rs 63 crore. The Kerala businessman, who is based in the Gulf region, already has stakes in at least two other Kerala banks – Federal Bank and Dhanlaxmi Bank. He bought 3 crore shares of South Indian Bank at a price of Rs 21 per share valuing the transaction at Rs 63 crore. These shares account for about 2.23% stake in the bank. Shares of South Indian Bank climbed nearly 4% to close at Rs 21 on the NSE. Yusuffali, who owns the diversified LuLu Group, held 3.69% stake in Federal Bank at the end of December 2013. He also had 4.88% holding in Dhanlaxmi Bank, besides a stake in Catholic Syrian Bank.

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