SBH to launch IPO in Q2FY07

The State Bank of Hyderabad (SBH) is planning an initial public offer (IPO) during the second quarter of FY07. The bank intends to dilute almost 49% of equity in two tranches, according to SBH chief general manager R P Sinha. SBI holds 100% equity in SBH.
 
"We would like to offer up to 25% equity in the first installment and 20% in the second installment," he said here yesterday.  Sinha said the bank is aiming to achieve the Rs 1-lakh crore mark by 2008 from the present business size of Rs 56,000 crore.
 
SBH had implemented core banking solutions in all its existing 944 branches and was scouting for locations to open new branches in line with its business targets, he said.