BackSebi clears Catholic Syrian Bank’s Rs400-crore IPO plan
Proceeds of the issue will go towards augmenting the bank's capital base to meet its future capital requirements
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New Delhi: Catholic Syrian Bank has received capital market regulator Sebi’s approval to raise up to ₹ 400 crore through an initial public offer (IPO).
With this, the number of firms that have got Sebi nod for an IPO since the beginning of the year has gone up to 21. The company in March had filed its draft red herring prospectus (DRHP) with Sebi through its lead merchant banker, ICICI Securities.
Sebi issued its final observations on the draft offer documents on 23 June, which is necessary for any company to launch a public offer. “The bank will issue equity shares aggregating up to ₹ 4,000 million," the draft papers stated.
Besides, the mid-sized private lender is considering to raise up to ₹ 150 crore through pre-IPO placement. The proceeds of the issue will go towards augmenting the bank’s capital base to meet its future capital requirements.
The issue is being managed by ICICI Securities and Kotak Mahindra Capital Company. The 21 firms that have got Sebi approval include S H Kelkar & Company, Prabhat Dairy; Syngene International, research arm of biotechnology major Biocon; infrastructure firm Dilip Buildcon; Kalpataru Power Transmission’s subsidiary Shree Shubham Logistics and Amar Ujala Publications, which publishes Hindi daily Amar Ujala. In addition, AGS Transact Technologies, SSIPL Retails, Navkar Corporation, Precision Camshafts and SMC Global Securities have secured Sebi’s go-ahead.
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