 "Catholic Syrian Bank to list itself by September")
Kerala-based Catholic Syrian Bank Ltd (CSB) plans to access the capital markets to raise funds by the end of September this year, reports Mint . Mint quotes the chairman saying the bank will fix upon its merchant bankers and get the ratings done by June.
The bank needs funds to grow and also for capital requirements to abide by the new Basel III norms for banks. Chairman S Santhanakrishnan said that there were different stakeholders having sizeable ownership in the bank which CSB is not comfortable with. For example, Thailand based businessman Sura Chansrichawla is the single largest shareholder with an 18 percent stake. This, the newspaper reports, could come down to 10 percent after the listing.
The others who have sizeable stake are Edelweiss Capital (5 percent), Federal Bank (5 percent), Muthoot Pappachan Group (3 percent) and Larsen and Toubro (2 percent). Mauritius-based private equity funds AIF Capital Ltd, Gartmore Private Equity and Siguler Guff and Co together hold 15 percent stake in the bank.
The private sector bank will be the 42nd bank to list in India. The bank has 364 branches with a staff strength of 2820 people. It has deposits Rs 8725.7 crore and advances of Rs 6,220 crore. The company which made a profit of Rs 12.18 crore at the end of financial year 2011, has investments of Rs 6220 crore.
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