CSB Bank IPO Will Expect To Open On 22nd Nov
Catholic Syrian Bank is India’s oldest private sector bank. It operates four business segments such as SME and wholesale, retail business, treasury operations. It has planned to launch an initial public offering in the coming months. Moreover, it has been received approval from Sebi. Now, the latest report announced as CSB Bank launches IPO On 22nd this month.
A source said that the Kerala-based CSB bank public offer will expect to Launch for subscription on 22nd November and closes on 26th November. The IPO offer 19,778,298 equity shares. It fixed a price band between Rs 190 to Rs 200 per equity share. Moreover, the total issue 10 percent reserved for retail investors.
Merchant bankers (lead managers) should manifest a major part of the initial capital in India. The local securities such as IIFL and Axis banks will manage the Catholic Syrian Bank IPO.
According to the draft papers, the IPO comprises a fresh issue and an offer for sale by the existing investors (shareholders) of CSB. The Bank will expect to raise over Rs 400 crore – Rs 425 crore through the offer.
A source said that CSB existing shareholders such as ICICI, Federal Bank, and HDFC securities will sell their shares through this IPO. The proposed Public offer will expect to list on the Bombay Stock Exchange and National Stock Exchange.