NRI businessman Yusuffali buys over 2% stake in South Indian Bank

Gulf-based NRI businessman Yusuffali M A has picked up more than two per cent stake in private lender South Indian Bank for an estimated Rs63 crore, expanding the number of banks in his investment portfolio to four.

Yusuffali purchased 30 million shares of South Indian Bank at Rs21 apiece, valuing the transaction at Rs63 crore, as per bulk deal data available on the NSE on Monday.

While Yusuffali picked up 30 million shares, accounting for about 2.23 per cent stake in South Indian Bank, FID Funds Mauritius offloaded more than 27 million shares of the south-based lender.

Yusuffali, who owns the popular supermarket chain LuLu in the Gulf region, already has stakes in at least three other lenders - Federal Bank, Dhanlaxmi Bank and Catholic Syrian Bank - all of them based in South India.

Yusuffali held 3.69-per cent stake in Federal Bank at the end of December 2013, a 4.88 per cent shareholding in Dhanlaxmi Bank and a 4.99 per cent stake in Trissur-based Catholic Syrian Bank in April last year.