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The Thrissur-based South Indian Bank has raised Rs 326 crore ($82 million) from a group of investors including World Bank's private equity arm International Finance Corporation (IFC), Fidelity Group and Bangalore-based private equity fund UTI Ventures, among others, according to media reports. The shares were placed at Rs 163 to the investors, reports The Times of India.
IFC is believed to have led the round with Rs 70 crore ($17.6 million), while Fidelity Group, UTI Ventures and Blue Ridge Group have invested about Rs 40 crore each. The other investors include Birla MF, Merill Lynch, Indian Capital opportunities Fund, DE Shaw, Moon Capital, besides other unnamed entities. Edelweiss Capital is learned to have facilitated the transanction for South Indian Bank. South Indian Bank is a listed company. The bank will announce the details of fund raising once the regulatory approvals are done.