Kerala-based South Indian Bank plans to raise Rs 1,000 crore through qualified institutional placement (QIP) of 40 crore new shares to fund expansion plans. The board is scheduled to approve the proposal in the next annual general meeting (AGM) in July.
"We will seek shareholders approval for QIP in the AGM scheduled on July 15," said VA Joseph, chairman and chief executive officer, South Indian Bank. "We hope to complete the entire process (of fund raising) by the end of September."
The bank plans to double its total business to one lakh crore from the current Rs 50,000 crore in the next three years.
"We are growing at 25-30% in the past few years and in the next three years we want to take our total business to one lakh crore," Joseph said.
The bank is expecting credit growth to be around 25-30% in the current fiscal year.