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Kerala based CSB Bank set to file for Rs 500 crore IPO, says report

Kerala-based CSB Bank set to file for Rs 500 crore IPO, says report

Kerala-based CSB Bank set to file for Rs 500 crore IPO, says report
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By CNBC-TV18 Jul 9, 2019 9:02:11 AM IST (Published)

CSB Bank, a Kerala-based lender, previously known as The Catholic Syrian Bank Ltd, will be filing its draft initial public offering (IPO) papers, LiveMint reported, citing two people aware of the development, adding that the proposed share sale is likely to be worth Rs 500 crore.

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CSB Bank is backed by Canadian billionaire Prem Watsa’s Fairfax, which acquired a 51 percent state in the bank for around $168 million last year.
The RBI has asked the lender to list its shares by September 30, the report said, adding that Axis Capital is advising the bank on the transaction.
“Work on the draft red herring prospectus is in the final stages. The document is likely to be filed this month," one of the sources was quoted as saying in the report.
Another source told the paper that the IPO will largely be an offer for sale by existing investors.
“They (the bank) don’t need primary capital. So, the IPO will largely be existing investors selling their shares. They are currently in the process of finalizing the list of shareholders who are willing to sell their shares in the IPO. Once that is complete, they will file the document," the second person cited above was quoted as saying in the report.
When contacted by Mint, there was no response from CSB Bank and Axis Capital.
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