Mumbai: Expanding his investment portfolio in the financial sector, NRI businessman Yusuffali M A Monday acquired more than two per cent stake in South Indian Bank for an estimated Rs 63 crore.
The Kerala businessman, who is based in the Gulf region, already has stakes in at least two other lenders -- Federal Bank and Dhanlaxmi Bank -- all of which are based in South India.
Yussufali today purchased three crore shares of South Indian Bank at a price of Rs 21 per piece valuing the transaction at Rs 63 crore, according to bulk deal available on the NSE.
Three crore shares account for about 2.23 per cent stake in the lender.
Meanwhile, FID Funds Mauritius offloaded more than 2.7 crore shares of the lender.
Shares of South Indian Bank climbed nearly four per cent to close at Rs 21 on the NSE.
Yusuffali -- who is steering the diversified LuLu Group -- held 3.69 per cent stake in Federal Bank at the end of December 2013.
During that period, he held 4.88 per cent shareholding in Dhanlaxmi Bank.
He also has stake in Catholic Syrian Bank.