Indian private sector bank CSB Bank has secured approval from the Securities and Exchange Board of India (SEBI) to float an initial public offering (IPO).
The approval makes CSB the 23rd firm to secure regulatory approval in 2019 for an IPO. The SEBI had approved 72 IPO proposals in 2018 and 46 in 2017.
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CSB’s earlier proposals in 2015 faced hurdles because of market volatility.
Through the IPO offer, CSB Bank is seeking to raise fresh capital by issuing shares worth Rs 30 crore. It also includes a sale of 19.78 million shares by existing shareholders.
The bank will use net proceeds to augment its Tier-I capital base for its future capital needs, which it anticipates to arise from growth in assets, mainly lending operations.
The proceeds will also help CSB to ensure compliance with the Basel-III norms and other regulatory guidelines.
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By GlobalDataCSB Bank, which was originally incorporated in November 1920, offers a range of products and services to its overall customer base of 1.3 million as on 31 March 2019.
The bank delivers products and services via several channels, including 414 branches and 277 ATMs spread across 16 states and four union territories.
The bank is extending its products suite, services, and digital banking platform, with investments in technology intended at enhancing its customers’ experience.
