CSB Bank Ltd. is planning to list its shares in November to raise up to 5 billion rupees in the initial share sale, Mint reported Oct. 17, citing two people aware of the development.
The bank is said to start its marketing efforts and investor roadshows the week of Oct. 21, with a plan to launch the IPO in November, a source said. The bank obtained approval from market regulator Securities and Exchange Board of India on Oct. 14, the source added.
The bank is looking to raise 300 million rupees through a share issue to increase its Tier 1 capital and meet future capital requirements. Its existing shareholders will sell 19.7 million shares through the offer-for-sale route.
ICICI Lombard General Insurance Co. Ltd., HDFC Life Insurance Co. Ltd., ICICI Prudential Life Insurance Co. Ltd., Federal Bank Ltd. and Bridge India Fund are expected to sell part or all of their stakes during the IPO.
As Oct. 17, US$1 was equivalent to 71.10 Indian rupees.