Catholic Syrian Bank to double its net worth

Thrissur-based Catholic Syrian Bank (CSB) is planning to double its business and increase net worth to Rs 1,100 crore from Rs 600 crore, said S Santhanakrishnan, its chairman.

"We will be raising the net worth to Rs 1,100 crore with our initial public offering (IPO), rights issue and private placement," said Santhanakrishnan.

On March 7, the bank has opened the rights issue to raise Rs 78.4 crore. "The rights issue will not only be fully subscribed, but will be over-subscribed," he noted.

In addition, the bank will raise Rs 250 crore via private placement and Rs 500 crore via IPO. The bank's total business is expected to touch Rs 40,000 crore within a couple of years. CSB also intends to increase the number of branches from the current 390 to 500 within a few years' time.

"We might need 1,000 young staff during the period, of which 500 will be hired immediately," Santhanakrishnan said. But, Santhanakrishnan is taking a very cautious path regarding bank's growth. We will go for an internal change, rather than an external one. As part of it, we will educate people and will go to the un-banked areas in the villages," he said.

Santhanakrishnan, the founder of Chennai-based chartered accountancy firm PKF Sridhar & Santhanam, also stated that CSB will remain as a regional bank.

"Our medium-term strategy is to continue as a bank with strong regional presence. What I mean by the region is entire south India. However, Gujarat and Maharashtra will be added to this because of the GDP growth in those states. By 2020, the centenary year, we are planning to reach Rs 1 lakh crore business," he added.

The bank's new managing director Rakesh Bhatia will join on May 1, subject to the receipt of Reserve Bank of India's approval.

Bhatia, a senior HSBC official, is expected to improve CSB's foreign exchange, merchant banking and credit quality. "Above all, he is willing to buy 1% shares, which would cost Rs 7 crore, and it shows his commitment to the bank," Santhanakrishnan said

Sandip Ginodia

ABHISHEK SECURITIES

We deal in over 60 unlisted companies with 15 years of experience . For latest prices visit :www.abhisheksecurities.com/unlisted.htm / call : 09830271248 .

Email : ginodiasandip1@gmail.com

For more info and regular updates about unlisted shares and the stock market :

Follow our blog : www.abhisheksecurities.blogspot.in .

Visit : www.abhisheksecurities.com .

Like us on facebook : www.facebook.com/abhisheksecurities1

Reliance's JioMart is averaging half a million orders per day; WhatsApp driving growth

JioMart , Reliance's online-to-offline commerce platform that launched in May , has scaled up rapidly, riding on the pandemic-fuelled digital acceleration. The service, which went live in 200 cities across India, is currently processing an average of 500,000 orders per day. " We can go even higher on peak days", Jio Platforms CEO Kiran Thomas revealed at the Facebook for Fuel India 2020 event. He said, "JioMart is empowering millions of kiranas and small merchants through the simple and secure platform of WhatsApp, and linking them to Reliance Retail's pan-India supply chain. We expect to grow manifold in future, and are optimistic about enabling new cohorts of users and making it easier for them to shop for daily essentials." "Customers are transacting seamlessly on JioMart and the conversational nature of the service enabled by WhatsApp has made people adapt to it intuitively," he added. Reliance also stated that it will continue t

TCS merger with TCS e serve

The board of Tata Consultancy Services (TCS) in its meeting on 18 October 2012 has approved the composite scheme of arrangement between TCS, TCS e-Serve (e-Serve) and TCS e-Serve International (TEIL). The composite scheme of arrangement provides for merger of e-Serve into TCS and demerger of TEIL's special economic zone (SEZ) undertaking(s) to TCS. The appointed date proposed for this scheme is 01 April 2013. TCS holds 96.26% of the paid up equity share capital of e-Serve. TEIL is a wholly owned subsidiary of e-Serve. As per the terms of the scheme of arrangement, shareholders of e-Serve (other than TCS) will receive 13 equity shares of Re 1 each of TCS for every 4 equity shares of Rs 10 each of e-Serve held by them. The board has approved the scheme of merger of Computational Research Laboratories (CRL) and Retail FullServe (RFL) with TCS. The proposed appointed date for the merger of CRL is 01 October 2012 and for the merger of RFL is 01 April 2012. Computational Res

Stock broker SMC Global files for IPO

F inancial services company SMC Global Securities has filed draft red herring prospectus with SEBI for public issue of 1,58,67,380 equity shares of face value of Rs 2 each. The issue comprises a fresh issue of 79,33,690 equity shares by the company and an offer for sale of 79,33,690 shares by Millennium India Acquisition Company Inc. As of September 30, 2012, "We service our broking clients through a network of 43 branches and 2,521 registered sub-brokers and authorized persons spread in more than 500 cities and towns. We have also established an office in Dubai for brokerage and trading activities in that region," the company said. SMC has reported a loss of Rs 0.42 crore and total revenues of Rs 292.24 crore in the year ended March 31, 2012. "The proceeds of the fresh issue shall be utilised for margin maintenance with stock exchanges; part repayment of term loan; investments into subsidiary, SMC Comtrade; and general corporate purposes," according to p

Abhishek Securities

Search This Blog