CSB approaches SEBI for direct listing

THIRUVANANTHAPURAM: Catholic Syrian Bank has approached Securities and Exchange Board of India (SEBI) for a direct listing of its shares, chief executive CVR Rajendran told VCCircle magazine. Direct listing allows companies to list on the stock market without issuing an IPO.
Rajendran said if the direct listing does not work out, the bank would go for a Rs400 crore share issue. Bloomberg had reported that the bank has hired Axis Capital to manage the listing.
Fairfax acquired a 51% stake in the bank in February 2018. Indian rules allow a foreign investor to own a stake of up to 74% in private-sector banks. Before the Fairfax acquisition the bank had held talks with the Asian Development Bank, after it deferred plans to go public due to market volatility.
Catholic Syrian Bank is a lender to small and medium enterprises (SME), retail customers and non-resident Indians. The bank has been on a path of re-discover over the past few years to face up to the highly competitive market.