Argonaut Ventures has picked more shares at Thrissur-based lender South Indian Bank to shore up its 2.2% holding in the firm. It acquired around 0.5% additional stake through an open market deal worth Rs 9.9 crore on Tuesday.
It is believed to have invested in the bank between July-September 2007, when stock markets were peaking out. At that time, the bank was trading at Rs 130-170 a share.
Argonaut had disclosed holding of around 1.5 million shares as of September 30, 2007 and had acquired some more shares during October-December’08 possibly to average out cost of purchase when the stock was trading Rs 50-100.
It acquired more shares in April-June’09 and then again in Janaury-March this year to take total holding to 2.2%. The latest transaction happened at Rs 154.92. South Indian Bank closed at Rs 157.1 on Wednesday.
One of the earliest banks in South India, it was formed in 1928 during the Swadeshi movement by a group of investors. The bank came with an initial public offering in 1998.