(Disclosure:I am market making in the shares of Catholic Syrian Bank)
Kerala-based Catholic Syrian Bank (CSB) is planning to raise money by way of preferential allotment of equity in favour of investors. They include Edelweiss Tokio Life Insurance, Reliance Capital, ICICI Pru, HDFC Standard Life, Bennet Coleman & Co, Bharati Axa and Bajaj Alliance.
While the management of the Bank was not available for comment immediately, notice to the investors stated that the Bank is planning to issue and allot upto 1,32,03,856 equity shares for cash at a price to be determined by the Board with the price band of Rs 100 to Rs 120 per share, including premium. The total consideration would be around Rs 132 crore to Rs 158 crore.-from BS