 "Gulf-based NRI Yusuffali buys over 2% stake in South Indian Bank")
NRI businessman Yusuffali M A haspicked up more than two percent stake in South Indian Bankfor an estimated Rs 63 crore in a move to expand hisinvestment portfolio in the financial sector.
The Kerala businessman, who is based in the Gulf region,already has stakes in at least two other lenders – FederalBank and Dhanlaxmi Bank – all of which are based in SouthIndia.
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Yussufali purchased three crore shares of South IndianBank at a price of Rs 21 per scrip valuing the transaction atRs 63 crore, as per bulk deal data available on the NSEyesterday.Three crore shares account for about 2.23 percent stakein the lender.
Meanwhile, FID Funds Mauritius offloaded more than 2.7crore shares of the lender.
Yusuffali – who is steering the diversified LuLu Group –held 3.69 per cent stake in Federal Bank at the end ofDecember, 2013.
During that period, he held 4.88 percent shareholding inDhanlaxmi Bank.He also has stake in Catholic Syrian Bank.
PTI