First Carlyle Ventures, an Asia-focused growth capital affiliate of The Carlyle Group, has bought 22.6 million shares of South Indian Bank, representing a 2 percent stake in the company, on the Bombay Stock Exchange at a price of INR26.5 per share, resulting in a total investment of INR559.4 million (approximately US$10.7 million). South Indian Bank is a Kerala-based provider of personal and corporate banking and investment services, with 664 branches and 683 ATMs across India. As part of the PIPE transaction, First Carlyle Ventures purchased 20 million shares from India Capital Fund, a Mauritius-based asset manager.