CSB Bank made a tremendous debut in the stock market on Wednesday. On the BSE, the price per share of the company rose by 56 percent to Rs 304, though its issue price was just Rs 195. On Wednesday, the company's stock was listed at a rate of Rs 275 per share, with a steep rise of 41 percent. Shares of the company also benefited from the surge in Sensex. CSB Bank was earlier known as Catholic Syrian Bank.
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IPO was opened on 22 November It is noteworthy that the company's IPO (Initial Public Issue) was opened on November 22. The last date for subscribing to the IPO of CSB Bank was on 26th November. The IPO of the company received a tremendous subscription (subscription) of 87% during this period. The company had invited an IPO for 1.15 crore shares. Whereas, for this, he got bids for 100 crore shares. The company had invited an IPO to raise Rs 410 crore. It had fixed the price per share for the IPO at Rs 193-195. Retail individual investors subscribed 44.25 times the company's IPO, according to news agency PTI.
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CVR Rajendran will continue as MD and CEO CSB Bank on Wednesday informed the stock exchanges that its board has re-appointed CVR Rajendran as the company's Managing Director (MD) and Chief Executive Officer (CEO). His reappointment will be effective for three years from December 9.
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Promoters' share will decrease After the IPO, the stake of the company's promoter Firefox India Holdings Corporation will be reduced to 49.73% from the current 50.09%. According to RBI guidelines, the promoter has to reduce the stake to 40 percent in five years, 30 percent in 10 years and 15 percent in 15 years.