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Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (6485)	9/7/1999 11:50:00 PM
From: Mohan Marette	Read Replies (2) \| Respond to of 12475

IPO-Centurion Bank public issue on September 20 centurionbank.com Centurion float on Sept 20 (Tuesday, September 7, 1999) Our Banking Bureau in Mumbai The holding of the main promoters of Centurion Bank -- TCFC Finance Ltd (TFL) and the Singapore-based Keppel Bank will come down to 23.12 per cent and 17.71 per cent, respectively, from 34.81 per cent and 26.67 per cent, respectively, following the bank's maiden public issue of Rs 33.75 crore priced at par. The holding of the other main shareholders of the bank -- International Finance Corporation, Washington and Asian Development Bank, Manila will come down from 12 per cent and 14.67 per cent, respectively, to 8.36 per cent and 10.22 per cent, respectively. The public holding in the bank after the issue will be 22.12 per cent. The paid-up capital of the bank, which was previously Rs 118.72 crore, will be augmented to Rs 152.47 crore after the public issue. The issue, which opens on September 20 and closes on September 29, is being lead managed by SBI Capital Markets and ICICI Securities. The shares will be listed on the stock exchanges of Mumbai, Mangalore and on the National Stock Exchange. Speaking about the future plans of the bank, its managing director V S Srinivasan said that there was a paradigm shift in the Centurion's focus, from corporate banking to one retail thrust. "The merger with TFL has, in one shot, provided a strong retail base to the bank," said D N Ghosh, chairman of the bank. In respect of assets, apart from the existing businesses such as commercial vehicle financing and two-wheeler financing, Centurion is tapping areas such as consumer durable financing, retail trade financing, lending to individuals against securities and other retail products. Srinivasan also said that the memorandum of understanding between the erstwhile TFL and Canada Life, a Canadian insurance company to set up an insurance venture in India still stands. "The agreement still stands. As and when proper government policies concerning insurance are in place, we will stand ready to implement the agreement." He said that the original agreement had not changed. According to the prospectus, the bank has not taken an exposure of more than 5 per cent on any particular industry. In case of certain industries like steel or textiles which are not doing well worldwide at present, the bank has restricted exposure to less than 1 per cent and less than 4 per cent, respectively. business-standard.com