Yusuffali buys over 2% stake in South Indian Bank

NRI businessman Yusuffali M A has picked up more than two per cent stake in South Indian Bank for an estimated Rs 63 crore in a move to expand his investment portfolio in the financial sector.

The Kerala businessman, who is based in the Gulf region, already has stakes in at least two other lenders -- Federal Bank and Dhanlaxmi Bank -- all of which are based in South India.

Yussufali purchased three crore shares of South Indian Bank at a price of Rs 21 per scrip valuing the transaction at Rs 63 crore, as per bulk deal data available on the NSE yesterday.

Three crore shares account for about 2.23 per cent stake in the lender.

Meanwhile, FID Funds Mauritius offloaded more than 2.7 crore shares of the lender.

Yusuffali -- who is steering the diversified LuLu Group -- held 3.69 per cent stake in Federal Bank at the end of December, 2013.

During that period, he held 4.88 per cent shareholding in Dhanlaxmi Bank.

He also has stake in Catholic Syrian Bank.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • The survey paints an optimistic future, but sees little scope for a bang

    The Economic Survey, which comes out a day before the Union budget, is widely regarded as its forerunner, an indicator of things to come 24 hours late

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Urs Schoettli

The hidden attractions of Japan

We live in the Asian century. During the past two ...

Zehra Naqvi

Star power

Being a part of the generation that gorged on Shah ...

Bubbles Sabharwal

The waking moment decides the day

There was a little girl/ Who had a little curl/ ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture