Carlyle, Multiples back South Indian Bank
The Carlyle Group and Multiples Alternate Asset Management have participated in a qualified institutional placement (QIP) for South Indian Bank, which raised INR4.4 billion ($80 million) from eight investors.
The bank launched the allotment program on September 3 and sold 200 million shares, or a 15% stake, at a price of INR22.13 per share. The placesment closed two days later, according to a regulatory filing.
Carlyle, which invested INR599 million for a 2% stake in the Indian bank in May, picked up another 27 million shares for INR602 million. The private equity firm is said to own an aggregated 4.72% after the transaction.
Multiples, the India-based private equity player, picked up a 5.58% stake for INR1.65 billion. The firm invested through two subsidiaries - IIFL Multiples Private Equity EII I and Multiples Private Equity Fund.
IFCI, a primary financial consultancy, took another 4.98% for INR1.5 billion. Other investors included Axis Bank, SBI Life Insurance and State bank of India.
Kerala-based South Indian Bank announced a net profit of INR4 billion for the 2012 financial year, up 37% year-on-year.
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