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CSB looking to raise Rs 500 cr

catholic syrian bankThe Catholic Syrian Bank is looking to raise around Rs 500 crore from three to four investors including Prem Watsa-led Fairfax Financial Holdings, according to CSB chairman S Santhanakrishnan. He said the bank constantly requires capital and would like to put large capital infusion by approaching various institutions, including Fairfax. The bank would like to have at least in excess of Rs 500 crore, he said. The bank, which dropped its IPO plan, said existing investors would continue and it would dilute fresh equity for the proposed fund raising. The bank has reported a loss of Rs 150 crore in 2015-16 and the balance sheet is almost cleaned up, said Santhanakrishnan. Whatever money comes in now will henceforth go towards growth, he said. As on March 2015, there are about 21 shareholders who have more than 1% stake in the bank. The top investors include NRI businessman Yusuff Ali M A with 4.985% stake followed by Federal Bank with 4.617% stake.

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