Bangkok-based Siam Vidhya Group to Offload its 15% stake in Catholic Syrian Bank.
Siam Vidhya Group led by Sura Singh Chansrichawla would sell 15% of the present 24% stake it holds in Catholic Syrian Bank. The share would be priced at Rs 375-400.
The deal is structured to sell below 1% to each of the overseas investors to confirm with an earlier court ruling that any transfer of more than 1% CSB equity will require RBI’s approval.Usually for other banks RBI approval is needed if 5% or more shares are bought by a single entity or a group of entities acting in concert.The apex court had directed SVG to divest CSB's equity stakes in excess of 10 per cent in its possession by end of March 2010.
Transaction Reference: ET
CSB, with its Rs 8,000-crore balance-sheet, has 360 branches, of which 80% are in rural and semi-urban areas. The CSB Protection Committee headed by Thrissur Acrchbishop Andrews Thazhath, formed to protect the interests of Christian committee aimed at buying 30 % stake in the bank. The church was trying to gain control of 14 % stake of Mr. Chawla and another 15% from three Mauritius-based private equity funds — AIF Capital, Garfmore Private Equity and Siguler Guff. The church also put an end to CSB and Federal Bank's merger.Earlier Mr. Chawla sold its 4% stake to Federal Bank. L&T and Edelweiss together hold 5% in CSB.
Siam Vidhya Group has tied-up with the Holiday Inn Group and started work on Hotel Resorts in Manali, Nainital, Nagpur and Shimla. It owns Holiday Inn Crown Plaza in Bangkok, the 200-acre Unico golf course, tin mines, land for housing and resort developments in Bangkok, Chiang Mai and Pattaya, office buildings and apartment blocks.
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 10/03/10 | Catholic Syrian Bank-Siam Vidhya Group | M&A | - | |
| 20/02/10 | Catholic Syrian Bank- Catholic Church | M&A | Syrian Catholic Church | 54.22 |
| 17/01/10 | The Catholic Syrian Bank - Federal Bank Ltd. | M&A | The Federal Bank Limited | - |
| 29/07/07 | Catholic Syrian - AIF Capital Ltd - Others | Private Equity | AIF Capital Limited | 8.20 |
| 01/01/94 | Catholic Syrian Bank - Surachan Chawla | M&A | Surachan Chawla | - |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 11/05/12 | M&A | Warburg Pincus International | Future Capital Holdings Limited (Co.) | - | Planned |
| 08/05/12 | M&A | HCL Group | DLF Pramerica Life Insurance Company Limited | - | Planned |
| 08/05/12 | M&A | AEGON | Aegon Religare Life Insurance Company Limited | - | Rumor |
| 02/05/12 | Private Equity | International Finance Corporation | MAS Financial Services Limited | 12.00 | Planned |
Company |
||||
| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| The Catholic Syrian Bank Limited | Head Office, "CSB Bhavan" Post Box No. 502, St. Mary's College Road, Thirssur-680020 Kerela |
The Federal Bank Limited Karnataka Bank Limited IDBI Bank Limited |
www.csb.co.in | |
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