Catholic Syrian Bank to raise Rs 400 crore capital through QIB:

Kerala-based Catholic Syrian Bank (CSB) Board has approved a proposal to raise capital by way of the qualified institutional buyer (QIB) allocating upto 40 million shares to the investors. The Bank which is seeking around Rs 400 crore to fund its growth till March 2019, said the process will be completed by October.

The development comes two months after Fairfax called off CSB’s investment plan due to a valuation issue. Canadian investor Prem Watsa’s Fairfax Financial Holdings was planning to invest around Rs 1,000 crore in CSB for a 51 per cent stake.