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Investors can bid for a minimum of 52 equity shares and in multiples of 52 thereafter. Under the OFS, promoters Hardeep Singh will offload 60 lakh shares, and Surmeet Kaur will sell about 30 lakh shares.

"The issuer is having a corpus fund of ₹2,498.42 crore as of the date and has absolute beneficial ownership," said said Nagesh Singh Chauhan, head of debt capital markets at Tipsons.

Domestic investors are now showing more interest while the market is also showing some promising opportunities. Over the past two weeks, three deals in the finance sector got concluded, including Abrdn (Mauritius Holdings) 2006 selling stake in HDFC Life Insurance and Tencent Cloud Europe BV selling stake in PB Fintech.

ICICI Direct predicts that healthy double-digit earnings growth and macro stability will bolster the markets in India, predicting that the Nifty will reach 21,500 within a year. It sees structural bets in banking, capital goods, domestic consumption, and autos. Key sectors, such as BFSI, auto, and FMCG companies, have seen upgrades after the fourth quarter. Conversely, IT, oil and gas, metals, and telecom have seen downgrades. The aggregate Nifty earnings were revised downwards by 1%. Encouraging GDP data shows Indian growth rates rising at a healthy 7.2%, while inflation has also eased.

The flagship company of the Adani Group was put under short-term ASM framework in May, following a steep rally in the stock prices after a Supreme Court-appointed panel found no evidence of stock price manipulation in the group companies.

The Indian government received good response from institutional investors in the third offer for sale (OFS) of a stake in Coal India, with the non-retail portion oversubscribed by 346%. However, CIL shares have underperformed in the four years since the government offloaded 10% of its stake for INR220bn ($3bn) in 2015, returning negative 8%. CIL announced an 8% increase in major coal grade prices this week, its first significant hike in five years. Retail investors, who are offered a 7% discount, may welcome the opportunity to buy shares at a lower price point, according to experts.

Congress has demanded that the Securities and Exchange Board of India (SEBI) should ensure complete disclosure of ownership of Foreign Portfolio Investors (FPIs) from retrospective effect and that a Joint Parliamentary Committee (JPC) can investigate who diluted and then removed the very rule in this regard to benefit the Adani group. This comes after SEBI proposed mandating additional disclosure around ownership of high-risk FPIs on Wednesday. Congress also launched a booklet related to 100 questions that the party asked Prime Minister Narendra Modi since February on the Adani issue. The party has been seeking a JPC probe into the Adani matter.

Dow rises 21.58 points; S&P 500 3.20 pts, and Nasdaq gains 9.18 points

South Indian Bank, incorporated in the year 1929, is a banking company (having a market cap of Rs 3798.32 Crore).

The stock traded at a P/E multiple of 9.8, while the price-to-book value ratio stood at 2.59.