Catholic Syrian Bank (CSB), Kerala Based private sector lender bank announced on Tuesday to launch of its initial public offering (IPO) worth nearly Rs 410 crore, between 22-26 November, at a price band of Rs 193-195. The bids for the offer can be applied for a minimum of 75 shares and its multiples.
The proposed initial share sale will see the company raise fresh capital worth Rs 24 crore, while its existing shareholders, including ICICI Lombard General Insurance, HDFC Life Insurance, ICICI Prudential Life Insurance, The Federal Bank, Bridge India Fund, Satellite Multicomm, Way2Wealth Securities and Edelweiss Tokio Life Insurance, will sell 19.78 million shares for Rs 385.71 crore via the offer for sale route. The company, according to its red herring prospectus, will use the proceeds from the fresh issue during the current fiscal to augment the bank’s tier-1 capital base and to meet its future capital requirements. While 75 per cent of the offer is kept aside for qualified institutional buyers (QIBs), 15 per cent is reserved for non-institutional investors and 10 per cent for retail investors.