Catholic Syrian Bank has revived its listing plan and expects to raise Rs 1,000 crore ($150 million) over the next three years to meet its capital needs, Bloomberg reported.
The Kerala-based bank expects to raise Rs 400 crore through a public listing in 2017, the bank’s chairman S Santhanakrishnan told the newswire.
It is also in talks to raise money from investors including Fairfax Financial Holdings Ltd. and the Asian Development Bank, the report quoted Santhanakrishnan as saying.
The bank had put off its listing last year despite SEBI approval, citing market volatility.
Narrowing bad debt has prompted the bank to revive its listing plans, Santhanakrishnan said.
The firm lends to small and medium enterprises (SME), retail and NRI customers and has four principal businesses, including SME banking, retail banking, corporate banking and treasury operations, its website said.
According to its draft red herring prospectus (DRHP), it posted revenues of Rs 1,621.3 crore in FY2013-14 against Rs 1,415 crore in FY2012-13. Its net profit rose from Rs 26.6 crore to Rs 40 crore in the same period, as reported by VCCircle last year.
Its other PE investors include AIF Capital and Siguler Guff.
It will use the proceeds from the IPO to augment tier-I capital base, it said last year in the DRHP.
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