South Indian Bank to issue 283 mn share to four insurance companies

South Indian Bank will issue 283.02 mln equity shares to three life insurance companies and one general insurance company on a preferential basis at 8.48 rupees per share, the lender informed stock exchanges today. According to an exchange filing, the bank will issue 88.44 mln shares each to HDFC Life Insurance Co Ltd, Kotak Mahindra Life Insurance Co Ltd and SBI Life Insurance Co Ltd, and 17.69 mln shares to ICICI Lombard General Insurance Co Ltd.