Fairfax India Holdings Corp. said its 50.1%-owned CSB Bank Ltd., formerly known as Catholic Syrian Bank Ltd., is seeking up to 300 million Indian rupees in an IPO in India.
Fairfax India said in an Aug. 12 statement that it has filed a draft red herring prospectus for the IPO with the Securities and Exchange Board of India.
The IPO will mainly be selling up to 19.78 million shares held by existing CSB Bank shareholders. Fairfax India said it does not plan to sell down its stake.
As of Aug. 12, US$1 was equivalent to 71.28 Indian rupees.