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Catholic Syrian Bank to raise over Rs 2 bln via rights issue by Mar-end


Indian private sector lender Catholic Syrian Bank will raise over Rs 2 billion through a rights issue by the end of this fiscal 2012-13, the Business Line reported on Wednesday, citing the bank's Chairman S Santhanakrishnan.
The Kerala-based bank has tentatively fixed a premium of Rs 150 per share on a face value of Rs 10 each for the rights issue, he told the Press Trust of India.
The final decision on the premium will be made at the board meeting on Thursday, he added.
Fund raising has become important for banks to meet with the RBI's strict Basel III guidelines on capital needs, which will come into force in a phased manner from April 1, 2013.
Santhanakrishnan also said that Yusuffali M A, who runs the largest retail chain Lulu Centre in the United Arab Emirates, has sought the RBI's approval to pick 4.99% stake in Catholic Syrian Bank from the lender's largest shareholder Sura Chansrichawla.


Sandip Ginodia
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