By our Financial Correspondent
Thrissur, July 02 (IVC) Nine point seven per cent (9.7%) equity shares of the CSB Bank Limited (formerly Catholic Syrian Bank Limited) here was sold out by the FIH Mauritius Investment , a sister concern of the Canada- based Fairfax Limited recently, the bank sources said this correspondent.
The deal was done through the National Stock Exchange, Mumbai, the sources added. In all 1.68 crore shares amounting Rs 595 crore were transferred in the deal and with this Fairfax’s stake in the CSB bank was thinned to 40 per cent, the sources said.
The investment company Amanza Holdings acquired shares worth Rs 292 crores and ICICI Prudential Mutual Fund, Asoka India Fund and Abudabi Investment Authority had acquired the remaining shares of the bank.
Canada-based non-Resident Indian Industrialist, Prem Watts owned by Fairfax had acquired 51 per cent shares of the CSB Bank in 2018 for a value of approximately Rs 1200 crore, and after an Initial Public Offer in 2019 , Fairfax’s stake in the CSB Bank was declined to 50 per cent, the sources said.
The Reserve Bank of India had directed the foreign investor to bring down its stake in the CSB Bank to 26 per cent phase by phase. The present sales of shares of the CSB was in adherence with the direction of the RBI to Fairfax Limited. IVC Ckg Tcr
