Date:01/07/2008 URL: http://www.thehindu.com/2008/07/01/stories/2008070152401800.htm

Business

1:4 bonus from South Indian Bank

Special Correspondent

CHENNAI: The board of directors of South Indian Bank (SIB) has recommended issue of bonus shares to the existing shareholders in the ratio of one bonus share for every four equity shares held, subject to shareholders’ approval. This is the first bonus issue in the bank’s 79-year history, according to V. A. Joseph, Chairman and CEO. “Incidentally, it is also the year in which our profit crossed the Rs. 150-crore mark in the just-ended fiscal. So, we wanted to reward our shareholders,” a bank release said.