Catholic Syrian Bank files for up to $64 million IPO

This is the first listing by a local bank in more than four years

Indian private sector lender Catholic Syrian Bank has filed for an initial public offering to raise up to Rs 400 crore ($64.2 million), in what would be the first listing by a local bank in more than four years.

The lender is considering selling anchor investors up to 12.5 million shares for up to Rs 150 crore ahead of the IPO, it said in the filing.

It will use the proceeds from the IPO to strengthen its core capital base and meet future capital requirements. ICICI Securities Ltd and Kotak Mahindra Capital Co. Ltd are the managers for the share sale.

Another Indian lender, RBL Bank, is also preparing for an IPO.

($1 = 62.3150 rupees)