Catholic Syrian Bank plans QIP to raise up to Rs400 crore:

Kerala based-Catholic Syrian Bank (CSB) Ltd is looking to raise as much as Rs400 crore by selling shares to financial institutions, following the collapse of its plan to sell a major stake to Prem Watsa owned Fairfax Financial Holdings Ltd over differences in valuation.

The bank plans to raise money through a qualified institutional placement (QIP), where listed companies sell shares, fully and partly convertible debentures, or any security other than convertible warrants, to a qualified institutional buyer.

“The board has given the approval to raise up to Rs400 crore through a QIP before end October. We have appointed JM Financial as the merchant banker,” said C.V.R. Rajendran, managing director and chief executive of Catholic Syrian Bank.

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