Abhishek Securities

The Catholic Syrian Bank,  one of  India's  oldest private banks, has partnered with   PeopleStrong,   India's  fastest growing HR Tech company, to digitize its entire Human Capital Management. With  PeopleStrong Alt Worklife , CSB has embraced and digitized HR with the implementation of a comprehensive HCM software suite, moving from an ageing ERP system to  Mobile  &  Cloud -based  Agile  system. Kerala-based CSB, which is majority owned by Fairfax, is the only Indian bank to be owned by a non-banking foreign entity. CSB-a century old Indian Private Bank has been a pioneer in adopting new culture shifts in Indian Banking, and as early as in mid 1970s, it recognized the need for automation and introduced Data Processing systems using IBM Data processing machines. PeopleStrong Alt Worklife suite will automate and optimize CSB HR team and people management processes aided with conversation collaboration module that i...

Catholic Syrian Bank  (CSB) has decided to make changes in the article of association to pave way for Fairfax, which picked up a 51 per cent stake in the bank, to get two seats on the board, including the post of Chairman. According to the amendment,  Fairfax  would have a minimum of two directors always and there should be at least one  Fairfax  representative in all the committees. If the representation is not there in the first meeting, the meeting should be postponed and if they cannot participate in the postponed meeting also, then the committee is allowed to go ahead without them, said bank officials. The bank and FIH Mauritius Investments Ltd (FIH-M) entered into an investment agreement in February 2018 that was modified on October 15, 2018, pursuant to  Fairfax  agreed to acquire shares up to 51 per cent of the post issue paid-up capital of the Bank. The articles of association have been amended in order to bring in changes in line with...

Prem Watsa-owned Fairfax Holdings Ltd will buy 51% stake in Catholic Syrian Bank, the Kerala-based lender said in a statement on Saturday. The deal, which sets the stage for the first ever takeover of a bank by a foreign institution, has been valued at Rs140 a share. That translates into a deal value of around Rs12,000 crore, according to  Mint  calculations. The deal is subject to shareholder and regulatory approvals, the statement said. Fairfax will acquire the stake through a full equity infusion. A price of Rs140 a share is lower than what the bank had initially expected. The decision to renew deal prospects with Fairfax comes a year after the bank abandoned talks with the financial institution following differences over valuation. According to a 31 May 2017  Mint   report , CSB was expecting a valuation of Rs160 per share plus a control premium of 15%. This valuation was decided based on a benchmark set by a secondary market transaction which involved ...

Non-resident Indian Sura Chansri Chawla is reported to have struck a deal with the Bhansalis of Enam group to sell the entire remaining part his stake in Thrissur-based Catholic Syrian Bank Ltd. (CSB). The sale is believed to have been done at a price of about ₹160 a share. The NRI, it is gleaned from reliable sources, has sold close to 5% of his holding in the bank. When contacted, former chairman of the bank S. Sananthanakrishnan confirmed that the deal had indeed taken place. Queried on the exact sale price, he, however, said he would not hazard any guess, Sources indicated that the reported sale price of Rs. 160 a share would definitely set the bench-mark for any future sale of the bank shares. The deal comes at a time when Fairfax was widely reported to be contemplating equity stake in the Thirusur-based private sector bank. Sandip Ginodia , Director   A LTIUS INVESTECH PVT LTD | ABHISHEK SECURITIES We deal in over 60 unlisted companies with 15 years ...

The Reserve Bank of India has approved the appointment of  C V R Rajendran  as the Managing Director & CEO of  Catholic Syrian Bank  Ltd for a period of three years. Rajendran is currently holding the position of Chief Executive Officer of the Association of Mutual Funds in lndia. Prior to this he has held other key positions like Chairman and Managing Director of Andhra Bank and Executive Director at Bank of Maharashtra. Rajendran's banking experience spans more than three-and-a-half decades. He has had hands-on cross functional experience in different aspects of banking spread across Branch Operations, NPA / Asset quality management, Business process reengineering, Productivity enhancement, Corporate/lndustrial Finance, Merchant Banking, Treasury Operations, Interoperational Banking, Primary Dealership,Collection and Payment Services, and Information Technology. Rajendran's experience will help the bank in quickly attaining its ambitious...

Canadian billionaire Prem Watsa’s Fairfax Financial Holdings is looking to acquire more than 10% stake in Kerala­based Catholic Syrian Bank (CSB), people familiar with the development told ET. Watsa’s latest Indian bet is seen as part of the Canadian billionaire’s plan to establish a conglomerate in India with interests in fields ranging from banking, insurance, broking, infrastructure and chemicals. A proposal to this regard has also been submitted to the Reserve Bank of India, sources said. “The bank needs constant capital… We are talking to many investors including Fairfax,” said S Santhanakrishnan chairman, Catholic Syrian Bank. A mail sent to Fairfax Financial did not elicit any response until press time on Sunday. The banking regulator in May issued new guidelines on ownership in private sector banks by bundling shareholding patterns into two broad categories of individuals (natural persons) and legal entities/institutions. Acquisition of shareholding in a private sector bank by...

After two months of lull, activity in primary markets has started to pick up as five initial public offerings (IPOs) with a combined value of more than `5,000 crore are set to hit markets in the next one month. While the public offering of Mahanagar Gas has already opened, Quess Corp will launch its initial share sale during next week. Ratnakar Bank(RBL), L&T Infotech and Advanced Enzyme are also likely to announce their public offering by mid-July. If these public offerings manage to sail through, the total fund raising via IPO route in CY16 would cross `10,000-crore mark. In 2016 so far, ten companies have tapped primary markets to raise `6,743.69 crore, Prime Database showed. Apart from these, there are more than 10 companies including Sandhar Technologies, GNA Axles and Centre For Sight who have received a nod from the markets regulator for an IPO and are waiting for the right time to launch their share sales. According to Prithvi Haldea founder of Prime Database, al...

While several private equity-backed companies have sold shares to the public this year, several others that were expected to have deferred or abandoned their plans, denying exits to their private equity, or PE, investors. Warburg Pincus-backed ACB (India) Ltd; TPG and Actis-backed AGS Transact Technologies Ltd; Tano Capital-backed logistics firm Shree Shubham Logistics Ltd; Catholic Syrian Bank Ltd; Blackstone-backed Nuziveedu Seeds Ltd; and CX Partners-backed Matrix Cellular (International) Services Ltd have failed to access the primary market for share sale even after obtaining clearances from stock market regulator Securities and Exchange Board of India (Sebi) as far back as six months in some cases. This contrasts with the decent run some PE firms have had this year in terms of partial or complete exits through initial public offerings (IPOs) of portfolio companies. There have been about 10 IPOs this calendar year, which collectively raised  Rs. 6,743 crore, according to ...

  The primary market is slowly becoming more discerning about who it lets in, with investors not hesitating to turn their backs on companies they think don’t make the cut. Since 2011-12, of the 132 IPO applications approved by the Securities and Exchange Board of India (SEBI), 67 lapsed. In the three months from April to June this year, of the 13 companies that SEBI cleared to launch their IPOs, seven didn’t come to the market. This is much higher than in the whole of FY15, when four out of 16 IPOs failed to make it. A merchant banker, who did not wish to be quoted, said there is more “investor pushback now because they disagree about a company’s valuations or business fundamentals”. In some cases, the company fails to enthuse institutional investors during the roadshows and publicity programmes to attract investors. If institutions don’t show adequate interest, the IPO is mothballed before retail investors even hear about it. In other cases, the timing has gone w...

Thrissur-based Catholic Syrian Bank (CSB), though not a listed bank, reported a net loss of Rs 53 crore in fiscal 2014-15 on a total income of Rs 1,672 crore and capital adequacy ratio of 11 per cent. In the first half of 2015-16, CSB reported a net loss of Rs 41 crore on total income of Rs 814 crore.  It seems that the bad loans of Kerala-based banks have increased significantly over the years. According to latest data, listed banks based in Kerala have total non-performing assets (NPAs) worth Rs 6,024.14 crore. As at December 31, 2014, the value of bad loans was Rs 5,649.27 crore, compared to Rs 5,364 crore recorded on December 31, 2013. Sandip Ginodia , Director   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

United India Insurance Company Ltd has signed an MoU with Catholic Syrian Bank for the Prime Minister Suraksha Bima Yojana. This is a personal accident insurance master policy covering all savings bank account holders of the bank between 18 and 70 years of age and declared for insurance coverage against death or permanent disability for ₹2 lakh. Sandip Ginodia , Director 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

The share transfer of Catholic Syrian Bank has been completed with the allotment of 23.2 per cent equity shares to 20 investors, amounting to over Rs 157 crore, a top official said today. "In all 87,44,090 shares of the bank at the rate of Rs 180 per share, each with face value of Rs 10 and premium of Rs 170, amounting to Rs 157,39,36,200 were allotted to the new investors, the bank's Managing Directer and CEO Rakesh Bhatia told PTI here. The share transfer issue of the CSB was pending over two decades, Bhatia said. The take over bid of the bank in 1994 by Bangkok-based NRIs Siam Vidhya Group, headed by Surachan Chansrichawla, by acquiring bank's 19,59,016 shares out of a total of 54,14,000 shares, ran into rough weather with the Catholic Archdiocese coming out against it. SVG had acquired about 20 per cent of shares at the rate of Rs 85 per share in 1994. The then bishop of Thrissur diocese Mar Joseph Kundukulam had threatened to withdra...

As part of financial inclusion initiatives and on the occasion of the bank’s 94th foundation day today, Catholic Syrian Bank has opened 11 rural branches. According to the bank’s Managing Director & CEO, Rakesh Bhatia, the bank contemplates opening more rural branches in the current financial year. All branches including rural branches are fully computerized and core banking /ABB enabled branches. They also assist to open Aadhaar-linked accounts facilitating customers to receive various government subsidies and other benefits under various welfare programmes. Sandip Ginodia , Director 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

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 author...