3 PE firms buy 14% in Catholic Syrian Bank

3 PE firms buy 14% in Catholic Syrian Bank

BS Reporter / Kochi July 30, 2007

Three foreign private equity funds, AIF Capital, Gartmore and Siguler Guff, have together picked up a 14% stake in Thrissur-based Catholic Syrian Bank for Rs 33.3 crore.

The private equity funds made an investment of Rs 190 per share including a premium of Rs 180 per share.

With this investment, the net worth of the bank will go up considerably, according to a release issued by the bank.

The bank, with a capital adequacy of 9.58% at the end of FY07, has been struggling to raise capital.

The bank