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SIB looking to raise Rs 500 cr from bonds

south indian bank_0South Indian Bank is looking to raise up to Rs 500 crore from bonds to fund business expansion, subject to approval of Reserve Bank of India. The board of the bank has decided to augment the capital by issue of Basel III compliant Tier I or Tier II bonds to be considered for capital fund purpose for a total face value not exceeding Rs 500 crore in one or more tranches, a BSE filing from the bank said. The mode, price and time of the issue will be intimated in due course, it said.

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