Catholic Syrian Bank eyes IPO, PE routes

CSB is planning to raise money through an initial public offering or via private equity

Kerala-based Catholic Syrian Bank (CSB) is planning to raise money through an initial public offering (IPO) or via private equity. The development comes at a time when the proposed Fairfax investment of Rs 1,000 crore for 51 per cent did not go through due to valuation difference. 

Speaking to Business Standard, Catholic Syrian Bank Chairman T S Anantharaman said its board of directors had met on Monday and it was decided to explore three options, including an IPO, private placement or private equity to meet its capital requirement.

Sources in the bank said that since the Fairfax deal fell through, it was decided to look at other options. The bank would require around Rs 300-500 crore for short-term and it would look at raising more money, said Anantharaman. Fairfax was planning to acquire 51 per cent stake in CSB, but the deal was derailed due to price difference.