Catholic Syrian Bank Aims To Raise Rs 410 Crore
CSB IPO opens for subscription on 22 November. The price of the offer ranged between Rs 193- Rs 195 per equity share. The firm aims to raise over Rs 410 crore through the IPO. Market a lot of the issue set at 75 shares. The minimum order quantity is 75 shares.
According to the reports, the existing shareholders of the firm will sell 19.78 million shares through an offer for sale. ICICI Lombard General Insurance, HDFC Life Insurance, ICICI Prudential Life Insurance, Bridge India Fund, Satellite Multicomm, and Edelweiss Tokio Life Insurance are the existing shareholders of CSB. The company plans to raise Rs 24 crore as fresh capital.
As of the draft papers, 15 percent of the scheme reserved for non-institutional investors, 10% is for retail investors. The remaining 75 percent of the scheme reserved for qualified institutional buyers. The net proceeds of the issue will utilize towards augmenting the bank’s tire-1 capital and to meet future capital requirements.
Moreover, the CSB IPO will lead manage by Axis capital and IIFL Securities. The bank has been run its operations in Kerala, Tamil Nadu, Maharashtra, and Karnataka.
As of the report, in current fiscal, the bank has noticed a revenue of Rs 817 crore at the end of September. It also observes the profit of Rs 44.3 crore in the first half of 2019.