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The board of the bank has approved Rs 103 as issue price for every right equity shares. It has fixed March 18 as record date for ascertaining shareholders entitled for rights issue.

Banks are struggling with shortage of funds even as retail investors throng banks to deposit their money seeking higher returns.
Citibank has witnessed maximum 92 frauds of cloning of debit/credit cards or use of fake cards involving over Rs 1.89 crore from 2007-08 to December 2010.
Country's largest lender State Bank of India (SBI) plans consolidation of remaining five associate banks with itself in the next 12-18 months.
The RBI is close to finalising the guidelines for entry of new banks in the private sector, based on its consultations with the government and various stakeholders.
Citibank terminates services of 7 employees at its Gurgaon branch. These employees were reportedly under suspension ever since the Rs 460 crore fraud came to light.
In terms of PBT, India is followed by Hong Kong which posted USD 1.103-billion. The global PBT for the bank stood at USD 6.12- billion.
SBI has received subscriptions of about Rs 9,000-crore for the bond issue, of which retail investor demand is worth about Rs 3,897 crore, sources said.
The RBI has started discussion with all the stakeholders regarding implementation of the Malegam Committee recommendations on micro finance.
State Bank of India has raised 325 million Swiss franc (around Rs 1,500 crore) via an international bond issue to meet its increasing forex needs.
The public sector Indian Overseas Bank is planning to soon form a non-banking finance company (NBFC) for offering wealth management and capital market services.