Thrissur based Catholic Syrian Bank (CSB) received shareholders nod for Initial Public offering (IPO) of shares.
The Annual General Meeting of the Bank, held on Monday approved the special resolution seeking approval for the IPO. The general meeting has declared a dividend of 15% to the shareholders.
S Santhanakrishnan, chairman of the bank said that since implementation of Basel III regime and the transitional arrangement for the same has come into vogue, the bank is in the process for raising capital through preferential allotment basis subject to the regulatory approval.
Bank’s Initial Public Offering of shares follows after completion of the preferential allotment of shares, he added. The current capital adequacy ratio of the bank is 12.29%.
CSB is the only Kerala based bank which had not gone for public issue so far. All other banks, Federal Bank, South Indian Bank (SIB) and Dhanlaxmi Bank had made public, years back.
For the public issue, the decision is to authorise the board to make further issue of capital to the extent of shares remaining in the bank’s authorised capital. The unissued shares add up to a little more than 5.8 crore of Rs 10 each.
CSB had received the in-principle clearance for tapping the market in 2012 May. The AGM re-elected S.Ramakrishnan, Bobby Jose and K.Subramanya Sarma and M.Madhavan Nambiar to the board.
In this April, NRI businessman M A Yusuf Ali has cornered 4.99% shares of the 93-year-old bank in which the Catholic Church of Kerala, especially Thrissur Arch diocese, has a big say.Yusuf Ali who runs Lulu Hyper Marts across the Gulf countries and owns the largest shopping mall in South India, is eyeing another three% stake in the bank.
The Annual General Meeting of the Bank, held on Monday approved the special resolution seeking approval for the IPO. The general meeting has declared a dividend of 15% to the shareholders.
S Santhanakrishnan, chairman of the bank said that since implementation of Basel III regime and the transitional arrangement for the same has come into vogue, the bank is in the process for raising capital through preferential allotment basis subject to the regulatory approval.
Bank’s Initial Public Offering of shares follows after completion of the preferential allotment of shares, he added. The current capital adequacy ratio of the bank is 12.29%.
CSB is the only Kerala based bank which had not gone for public issue so far. All other banks, Federal Bank, South Indian Bank (SIB) and Dhanlaxmi Bank had made public, years back.
For the public issue, the decision is to authorise the board to make further issue of capital to the extent of shares remaining in the bank’s authorised capital. The unissued shares add up to a little more than 5.8 crore of Rs 10 each.
CSB had received the in-principle clearance for tapping the market in 2012 May. The AGM re-elected S.Ramakrishnan, Bobby Jose and K.Subramanya Sarma and M.Madhavan Nambiar to the board.
In this April, NRI businessman M A Yusuf Ali has cornered 4.99% shares of the 93-year-old bank in which the Catholic Church of Kerala, especially Thrissur Arch diocese, has a big say.Yusuf Ali who runs Lulu Hyper Marts across the Gulf countries and owns the largest shopping mall in South India, is eyeing another three% stake in the bank.
Sandip Ginodia
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