CSB Bank’s share price increased by more than 57% over its issue price

CSB Bank Share Price increases massively

CSB Bank, formerly called as the Catholic Syrian Bank made a strong debut in the stock market today. The shares were issued between a price of Rs. 193 and Rs. 195 on BSE on the 22nd and 26th of November respectively, but today morning the share price rose by 57.43% to attain a new high of Rs. 307. The stock opened at Rs. 275 today, 41% higher than the listing price and gained as the day progressed.

The Sensex also gained almost 100 points. When the bank opened its IPO (Initial Public Offering) between 22nd and 26th of November 2019, it was subscribed 87 times, a number that people were not expecting.

Today the CSB Bank informed BSE and NSE along with other stock exchanges that the board will continue under C VR Rajendran’s leadership as they reappoint him as the CEO (Chief Executive Officer) and MD (Managing Director) for 3 more years starting from the 9th of December.

Read More Articles

CSB Bank is amongst the oldest banks in India as it was established in the year 1920 in Kerala. As the bank opened its IPO between 22nd November and 26th November offering 1.15 crores shares, but the bank received bids for over 100 crore shares, 87 times the issued number of shares. The Rs. 410 crore IPO was prices between Rs. 193 and Rs. 195 per share.

According to a leading news agency, the category reserved for the QIBs (Qualified Institutional Buyers) were subscribed upwards of 62 times, RII (Retail Individual Investors) was subscribed upwards of 44 times, and the category reserved for the NII (Non-Institutional Investors) were subscribed almost 165 times than otherwise reserved.

The Rs. 409.68 crore offer by the CSB Bank comprised of fresh issue of shares to raise Rs. 24 crores at Rs. 10 face value of share. Additionally, the bank planned on raising Rs. 385 crores by OFS (Offer for Sale) of existing 1.97 crore shares.

Read More Articles

Pre IPO, Fairfax India Holdings Corporation had 50.9% stake in the CSB Bank as its Promoter Firm, however the Holding Firm said post IPO it will go down to 49.73%. As per the regulations imposed by the RBI (Reserve Bank of India), a promoter is bound to reduce its stake down to 40% in 5 years, 30% in 10 years, and 15% in 15 years from the day of IPO.

Ujjivan Small Finance Bank Limited IPO was opened for subscription on the 2nd of December and will close today (4th December). The bank’s issue price ranges between Rs. 36 and Rs. 37, and the Lot Size is 400.

Lot Size: The minimum shares one needs to bid for in order to be eligible to buy the shares.



Read Previous

NTRO Technician Recruitment 2019: Vacancies for 10th pass, salary up to Rs 63,000

Read Next

P Chidambaram Gets Bail After 105 Days, Court Asks Him Not To Give Press Interviews

Leave a Reply

Your email address will not be published. Required fields are marked *