CSB Bank block deal: 9.6% equity changes hands in Kerala-based lender

Shares of the private sector lender Catholic Syrian Bank (CSB) will be in focus in Thursday's trade (June 27) as in the pre-opening block deal window 9.6 per cent equity or 1.66 crore in the counter changed hands. 

As per reports, the promoter company FIH Mauritius was looking to offload 9.72 per cent holding in the lender.

In the pre-opening trade, shares of the lender traded higher by over 4 per cent at Rs 371.6 per share on the BSE.

The floor price for the deal is pegged at Rs 352.4 per share, translating into a 1.25 per cent discount to the last traded price of Rs 356.85.

The deal size is estimated to be worth Rs 594.5 crore.

The stock over the last one year has gained just over 26 per cent.

As of the March ended quarter of FY24, FIH Mauritius held 49.72 per cent stake in the Kerala-based lender and the same will come down to 40 per cent after execution of the deal.

IIFL is reportedly the broker to the deal.

About CSB Bank

CSB Bank is a private sector bank with operations in treasury, corporate banking, retail banking and other banking activities.