CSB Bank's initial public offering was subscribed over 4 times on the second day of bidding on Monday. The IPO, which opened for subscription on November 22, will close on November 26 and has a price band of Rs 193 to Rs 195 per share.

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The CSB Bank IPO received bids for 5 crore shares against the total issue size of 1.15 crore shares, according to data available with the NSE. While qualified institutional buyers category was subscribed 26 percent, the non-institutional investors' segment was fully subscribed. Retail individual investors category was subscribed 21.53 times.

CSB Bank on Thursday raised Rs 184 crore from anchor investors, ahead of its initial share sale commencing on Friday. Omers Administration Corporation OAC Custody Account (SCV6), ICICI Prudential MF, SBI MF, Aditya Birla Sun Life Trustee, Axis MF, Sundaram MF, HSBC and Ashoka India Opportunities Fund were among the anchor investors.

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CSB Bank aims to raise about Rs 410 crore via the IPO and plans to use the proceeds towards increasing its Tier-I capital base to meet future capital requirements and for general corporate purposes.

Post the IPO listing, CSB Bank's market cap would be Rs 3,348 – 3,382 crore.

The CSB Bank IPO comprises a fresh issue of shares of face value Rs 10 each with an aim to raise Rs 24 crore and an offer for sale (OFS) of 1.97 crore shares worth Rs 385 crore by existing investors.

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Following the fresh issue of shares, promoter entity Fairfax India Holdings' stake in CSB Bank will fall to 49.73 percent from the present 50.09 percent. The promoter, which acquired 51 percent in CSB Bank in February 2019, has five years to reduce holding to 40 percent and 15 years to go down to 15 percent in compliance with RBI requirements.

First Published:Nov 25, 2019 1:28 PM IST