Chennai, Dec 30 (IANS) The Reserve Bank of India (RBI) has given its nod for 51per cent stake holding in Catholic Syrian Bank to Canada’s Fairfax Financial Holding, said a top bank official.
“The RBI has given its nod to Fairfax to hold 51 per cent in Catholic Syrian Bank. The bank will issue fresh equity shares to the investor and the funds would come into the bank,” Mangaing Director and CEO C.V.R.Rajendran told IANS on Friday.
The transaction has to be completed in 90 days with necessary approvals.
While Rajendran is silent on the total amount that would come into the bank out of stake sale, it is estimated around Rs 1,000 crore.
Rajendran said the valuation has to be made.
The Kerala-headquartered Catholic Syrian Bank mainly operates in the state and neighbouring states like Tamil Nadu.