(Disclosure: I am market making in Catholic Syrian Bank and if anyone wants to buy/sell CSB, please email me at Alpha Ideas )
Catholic Syrian Bank has received capital market regulator Sebi’s approval to raise up to Rs 400 crore through an initial public offer (IPO).
The company in March had filed its draft red herring prospectus (DRHP) with Sebi through its lead merchant banker, ICICI Securities.
Sebi issued its final observations on the draft offer documents on June 23, which is necessary for any company to launch a public offer.
“The bank will issue equity shares aggregating up to Rs 4,000 million,” the draft papers stated.
Besides, the mid-sized private lender is considering to raise up to Rs 150 crore through pre-IPO placement .
The proceeds of the issue will go towards augmenting the bank’s capital base to meet its future capital requirements.