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A major portion of CSB Bank’s advances constitutes of Gold loans

The final day of bidding witnessed CSB Bank’s initial public offering which was subscribed a whopping 87 times on Tuesday. The Kerala based company gained bids of more than 100 crore shares against shares of 1.15 crore which the total issue size.

According to merchant banking sources, the category which got reserved for qualified institutional buyers (QIBs) was subscribed 62.18 times, retail individual investors 44.25 times, and non-institutional investors 164.68 times.

The IPO consists of a fresh issue of 24 crore along with an offer-for-sale of 1,97,78,298 equity shares, including an anchor portion amounting 94,54,080 of equity shares.

184 crore was raised from anchor investors by CSB Bank on Thursday.

 

Detail of Lot size

Equity shares of around 75 and thereafter in multiples of 75.

 

Records

Link Intime India Private Limited signifies the registrar to the offer.

 

Tentative dates of Allotment and Listing

CSB Bank shares reportedly get listed on both NSE and BSE. Thedate for the finalisation of share allotment has been indefinitely settled on or around December 02, 2019 and listing date as December 4, 2019, as perthe brokerages.

CSB Bank IPO consists of a fresh issue of ₹24 crore with an offer-for-sale amounting 1,97,78,298 of equity shares, including an anchor portion size amounting 94,54,080 of equity shares.

After IPO, Fairfax India Holdings Corporation, the holding of its promoter entity, will supposedly go down to 49.73% from the current 50.09%. As per the RBI regulations, the promoter needs to reduce the stake down to 40% in five years, 30% in about 10 years and 15% after 15 years.

CSB Bank had about 412 branches as on 30th September 2019. Gold loans comprised a maximum portion of CSB’s advances, giving way to 33.17% of its total advances as on 30th September 2019 respectively, as per the brokerages.

With a profit of about 44 crore for the first half of this fiscal, the bank has returned to black. Its gross NPAs got down to 4.87% as of 31st March 2019 from 7.25% as of 31st March 2017. The net NPAs got down to 2.27% as of 31st March 2019 from 4.12% as of 31st March 2017.

 

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