Centurion Bank to tap market

MUMBAI, SEPT 6: Centurion Bank Ltd (CBL), a new generation private sector bank, will tap the capital market with Rs 33.75 crore equity issue at par from September 20 in compliance with Reserve Bank of India guidelines for listing of its shares and augmenting the capital base.

The bank’s capital adequacy ratio would go up by about one per cent after the public issue to 9.3 per cent from 8.3 per cent as on March 31, 1999, CBL managing director V S Srinivasan said at a press conference here today.

The bank was promoted by erstwhile 20th Century Finance Corporation Ltd (TCFC), which has since amalgamated with CBL, in association with Keppel Tatlee Bank of Singapore and has equity participation from International Finance Corporation (IFC) and Asian Development Bank (ADB).

The bank’s chairman D N Ghosh said after the issue, TCFC Finance Ltd’s stake will go down from 29.69 per cent to 23.12 per cent.