Abhishek Securities

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 ...

HDFC Life  has entered into a  bancassurance  (the selling of life assurance and other insurance products and services by banking institutions) tie-up with Catholic Syrian Bank to distribute its individual life insurance products to the private lender’s customers. HDFC Life will offer its leading range of individual life insurance, health and pension products to the Catholic Syrian Bank’s  1.5 million  customer base across all its branches over a period of time. Sandip Ginodia , Director   A LTIUS INVESTECH PVT LTD | 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

Gross non-performing assets have come down to ₹463 crore from ₹504 crore and net NPAs to ₹331 crore from ₹405 crore due to the accelerated provisions made by the bank KOCHI, OCT 26:   Thrissur-based Catholic Syrian Bank has recorded a net profit of ₹53 crore in the first half of 2016-17 against a loss of ₹41 crore in the corresponding period of the previous year. The operating profit for the first half was ₹95 crore. According to a bank statement issued here, surge in treasury profits on the back of favourable interest rate movements, effective management of stressed assets, improvement in current account, savings account (CASA) deposits, asset growth and strict control over operating expenses contributed to the profit growth. Gross non-performing assets (NPAs) have come down to ₹463 crore from ₹504 crore and net NPAs to ₹331 crore from ₹405 crore due to the accelerated provisions made by the bank. Provision coverage  The provision-coverage ratio has impro...

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...

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...

The promoters of private sector Catholic Syrian Bank have sought the Reserve Bank's nod for divesting further stake in the bank to a UAE-based businessman, a top bank official said today. Siam Vidhya Group, promoted by Bangkok-based Non-Resident Indians, had acquired 36.18 per cent equity shares of the city-based bank in 1994. In May 2012, the holding of stakes by the Group declined to 17.99 per cent, said Catholic Syrian Bank Managing Director and Chief Executive Officer Rakesh Bhatia. Last April, out of the 17.99 per cent stake held by Siam Vidhya Group, 4.99 per cent had been sold to Abu-Dhabi based EMKE Group promoted by Yusufali M A, he added. "The proposal for further transfer of three per cent stake (from Siam Vidhya Group to EMKE Group) has been submitted to the Reserve Bank of India about two months ago", he told PTI. Sandip Ginodia A BHISHEK SECURITIES   We deal in over 60 unlisted companies with 15 years of experience . Website : www.a...

The private sector lender,  Catholic Syrian Bank  has appointed Mr. Rakesh Bhatia as new Managing Director and Chief Executive Officer. Mr. Bhatia was previously the Global Head of HSBC Bank's Trade and Receivables Finance Division. He is a Post Graduate in Business Management from Indian Institute of Management, Ahmedabad. The new MD has over 26 years of experience in the field of banking and had been involved in areas of commercial, investment and branch banking with HSBC in India as well in countries such as Bahrain, UK, Hong Kong, Singapore and Indonesia. A statement issued by the bank said that his experience in international banking and excellent leadership qualities would usher Catholic Syrian Bank into a new era of growth.   Sandip Ginodia A BHISHEK 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 :  ginodi...

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 ...

Private sector Catholic Syrian Bank has decided to offer rights share with a premium of Rs 65 per share with a face value of Rs 10 each, for about Rs 78.46 crore. Company Secretary of the Thrissur based bank, Sijo Varghese told PTI here today that the record date had been fixed for March 2. It was decided at a meeting of the board of directors earlier this month to offer 1,04,61,781 equity shares of Rs 10 each for cash at a premium of Rs 65 per share to existing shareholders of the bank in the ratio of one new share for every three existing shares, he said. The bank would mobilise Rs 78,46,33,575, Varghese added. The issue would open on March 7 and close on March 21, he said.  Sandip Ginodia A BHISHEK 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...

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 A BHISHEK SECURITIES We deal in ove...

One of the richest Indians in the Gulf is knocking on the doors of the Reserve Bank of India (RBI) to buy a minority stake in Thrissur-headquartered Catholic Syrian Bank (CSB). Kerala-born Yusuffali MA, who heads the $5.5-billion LuLu group that owns the eponymous hypermarket chain in the Middle-East, has sought the central bank's permission to purchase 4.99 per cent equity in the old private lender from Sura Chanrichawla - the Bangkok-based businessman who controls the single largest bloc of shares in the unlisted bank. Sandip Ginodia A BHISHEK SECURITIES We deal in over 60 unlisted companies with 15 years of expeirence . 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.com  . Visit :  www.abhisheksecurities.com  . Like ...