Mumbai: Kerala-based CSB Bank (formerly Catholic Syrian Bank) on Tuesday announced a initial public offering of shares to raise up to Rs 410 crore. The price band is Rs. 193 – Rs. 195 per equity share of face value of Rs. 10 each and will be open between November 22-26.
The offer involves a fresh issue of shares to raise up to Rs 24 crore, and an offer for sale (OFS) of 1.97 crore shares by existing investors through which it will sell Rs 385 crore of shares.
CSB Bank Ltd. is one of the oldest private sector banks in India with a history of over 98 years and has a strong base in Kerala along with significant presence in Tamil Nadu, Karnataka, and Maharashtra.
It offers a wide range of products and services to their overall customer base of 1.3 million as on September 30, 2019, with particular focus on SME, Retail, and NRI customers.
Announcing the IPO details, MD and CEO CVR Rajendran said three insurance companies, including HDFC Life, Reliance Nippon Life Insurance and ICICI Prudential are exiting their collective stake of around 6 per cent, while Federal Bank is also exiting by selling a residual 1.68% stake.
Rajendran said, the bank has completed 99 years and is a well know brand in Kerela.
The bank has returned to the black with a profit of Rs 44 crore for the first half of the fiscal, he informed. The bank has prudent risk management controls, policies, and procedures in place and a significant capital base.
