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Catholic Syrian files for IPO

Kerala’s Catholic Syrian Bank has filed for an initial public offer to raise about Rs 400 crore. The bank is one of three commercial banks in the country which is not listed. It is raising funds to boost capital and business growth. It reported a net loss of Rs 18 crore during the half-year period ended 30 September. The bank had reported gross NPAs of 5.56% of gross advances and net NPA of 3.76%, as on end-September. According to S. Santhanakrishnan, non-executive chairman of the bank, the bank had recently concluded a rights issue where it raised Rs 113 crore. The issue was subscribed 126%, he added. The bank, which has 430 branches, predominantly in south India, has a loan book of close to Rs 9,500 crore, with a deposit base of Rs 14,000 crore. The old-generation bank, which focuses on business from non-resident Indians (NRIs) in Kerala, is eyeing 20% business growth this financial year. Kerala gets $26 billion (Rs 1.53 lakh crore) a year in remittances. The bank’s existing shareholders include NRI investor Yusuff Ali M A, the chief of the Dubai-based LuLu Group, which has the highest stake in the banks (4.98%), and Federal Bank (4.62%).

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