Baskar Babu buys 1.5 lakh equity shares of Suryoday SFB, promoter holding rises to 22.44%

Baskar Babu Ramachandran, the promoter and managing director of Suryoday Bank, has raised his holding in the bank to 5.18% from 5.04% earlier, with the purchase of 1.5 lakh equity shares through open market operations.

This helped the promoter holding to rise to 22.44% from 22.30%, the bank announced Monday.

The rise in promoter holding is in compliance with the applicable regulatory

provisions and in line with Reserve Bank of India's pre-approved limits, the bank said in a regulatory disclosure to stock exchanges.

The bank maintained a healthy capital position with a capital adequacy ratio being at 26.9%, well above the regulatory requirement of 15%.

This was buoyed by expansion of secured businesses while the unsecured microfinance portfolio saw a 25% quarter-on-quarter fall. The bank's gross advances rose 25.8% year-on-year to Rs 9,563 crore at the end of December 2024. Its third quarter net profit saw a 42% dip at Rs 33.3 crore as against Rs 57.2 crore in the year ago period.