New Delhi: CSB Bank’s Rs 410 crore initial public offering (IPO) will open for subscription on Friday. The lender, which was founded in 1920, is one of the oldest private sector banks in India. The bank, which was earlier known as, The Catholic Syrian Bank, has a strong base in Kerala along with a significant presence in Tamil Nadu, Karnataka and Maharashtra. The IPO price band has been set at Rs 193-195 per share. The issue will close on November 26. The IPO involves a fresh issue of shares of face value Rs 10 each to raise up to Rs 24 crore, and an offer for sale of 1.97 crore shares by existing investors through which it will raise Rs 385 crore. CSB has a customer base of 13 lakh as of September 30, with a focus on SME, retail, and NRI customers. Financial Performance CSB posted a total income Rs 1,617.50 crore in FY17, Rs 1,422.27 crore in FY18 and Rs 1,483.43 crore in FY19. It incurred a net loss of Rs 57.99 crore, Rs 127.09 crore and Rs 65.69 crore, respectively, … [Read more...] about CSB Bank IPO to open on Friday; should you subscribe?
Realty firm Puranik Builders has filed fresh papers with markets regulator Sebi to raise an estimated Rs 1,000 crore through its initial share-sale. The IPO comprises fresh issue of shares worth Rs 810 crore, besides, an offer for sale up to 18,59,620 equity shares by the company's promoters and existing shareholders, according to the draft papers filed with Securities and Exchange Board of India (Sebi). Proceeds of the issue will be utilised towards repayment of loan and other general corporate purposes. In addition, the company plans to receive the benefits of listing of its equity shares on the stock exchanges. According to market sources, size of the initial public offer (IPO) is around Rs 1,000 crore. Edelweiss Financial Services Ltd and Axis Capital will manage the company's initial share-sale. Shares of the company will be listed on the BSE and NSE. Earlier in June 2018, Puranik Builders, a Mumbai-based residential real estate developer, had approached Sebi with its … [Read more...] about Puranik Builders files fresh IPO papers with Sebi; plans to raise Rs 1,000 crore
By Marwa Rashad and Sylvia Westall RIYADH/DUBAI: The institutional tranche of Saudi Aramco's initial public offering (IPO) has been oversubscribed while the retail portion has received a little more than 10 billion riyals ($2.67 billion) in orders so far, a banking source told Reuters. Earlier on Thursday, Saudi-owned news channel Al-Arabiya, citing a banking source, said the institutional tranche of the deal had received more than 64 billion riyals, while the retail portion received 10 billion riyals. Aramco, which did not immediately respond to a request for comment, plans to sell 1.5% of the company, or about 3 billion shares, at an indicative price range of 30 riyals to 32 riyals, valuing the IPO at as much as 96 billion riyals and giving the company a potential market value of between $1.6 trillion and $1.7 trillion. Representatives of the state-owned oil giant plan meetings with investors in Dubai next week, sources have said, for what is expected to be the world's biggest … [Read more...] about Saudi Aramco IPO’s institutional tranche oversubscribed
Mumbai: CSB Bank, promoted by Canadian billionaire Prem Watsa, filed Friday for an initial public offer aimed at raising Rs 400 crore. The bank, formerly known as Catholic Syrian Bank, plans to raise Rs 30 crore by issuing fresh equity shares and the remaining Rs 370 crore from an offer for sale, people familiar with the issue said. “The issue will be a combination of fresh equity as well as an offer for sale from existing investors who have been shareholders for years and did not have a chance to exit before this,” said a person involved in the deal. “We expect the okay from the Securities and Exchange Board of India in the next couple of months.” Last year, Watsa’s Fairfax India Holdings Corp. received special approval from the Reserve Bank of India to take a majority stake in the Thrissur, Kerala-based CSB Bank. A public listing was one of the conditions for Watsa to take a controlling stake. Local investment banks IIFL and Axis Capital are helping … [Read more...] about CSB Bank files for Rs 400-cr IPO
ENAM Group’s Vallabh Bhansali has managed quite a few corporate challenges. He shares some of his principles such as pursuing excellence, and the importance of being there for the client at difficult times. In the world of finance, Vallabh Bhansali is a powerhouse. He has built ENAM Group, considered an institution and one which has played a crucial role in some of India’s major IPOs. Bhansali’s idea of an institution, however, goes beyond its stated meaning. “Sometimes you can live an individual life which is also a kind of institution,” he said at a seminar of financial consultants and wealth managers in Mumbai recently. “You do see people who have lived fabulous lives as individuals, so I don’t make too much of an organisational institution only.” These were Bhansali’s thoughts on various aspects of business and relationships. On success “Never forget that you don’t control success. What indeed there is, is a … [Read more...] about ENAM Group’s Vallabh Bhansali life mantra: Be passionate about your job