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CSB Bank IPO in November

CSB Bank, previously called the Catholic Syrian Bank, is planning to launch its IPO in November. The bank is now majority-owned by Canadian billionaire of India origin Prem Watsa’s Fairfax India Holdings Corp. The company had acquired a 51% stake in the bank for around $168 million. The Reserve Bank of India had given a first of its kind approval for a foreign investment firm to incest in an Indian bank to help a turnaround plan. The bank is trying to raise Rs 500 crore through the IPO and it has already received SEBI’s approval. The draft prospectus mentions that the bank looking to raise Rs 30 crore via fresh issue of shares to increase its tier-1 capital base and to meet future capital requirements, while its existing shareholders will sell 1.97 crore share through the offer-for-sale route. ICICI Lombard General Insurance, HDFC Life Insurance, ICICI Prudential Life Insurance, Federal Bank and Bridge India Fund are expected to sell their stakes in the bank partially or fully.

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