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South Indian Bank to hike foreign holding

South Indian Bank will be raising fresh equity from foreign institutional investors. The bank had recently got the approval from its board and shareholders to raise the limit of foreign shareholding to 59%. At present, this is at 46%, which includes holding by foreign institutional investors, non-institutional holders and non-resident Indians. V.G. Mathew, MD & CEO of the bank said there was consistent interest from FIIs about investing in the bank. Fresh equity from FIIs would be raised after the bank receives approval from the Foreign Investment Promotion Board (FIPB), he added.

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