NEW DELHI, DEC 13: "We have already got the green signal from the market regulator Securities and Exchange Board of India (SEBI) for a Rs 100 crore IPO," PSB executive director M S Kapur told PTI.He said the bank will make a formal application to SEBI in the next fiscal after the balance sheet of the current financial year is prepared.Kapur, acting chief managing director of the bank, said that with the proposed issue, the government stake in the bank would come down by 20 per cent.The bank had earlier decided to come out with the IPO in the current fiscal, but delayed its plans taking into account the dismal market conditions.Kapur also said the bank would mop up Rs 60 crore this month to shore up its Tier-II capital to meet the Reserve Bank of India's (RBI) stipulated capital adequacy ratio (CAR).IDBI Capitals and DSP Merrill Lynch has been appointed merchant bankers to the private placement of 11.9 per cent subordinated debt papers with maturity period of six years.The bank is currently carrying out a manpower planning exercise and would offer voluntary retirement scheme (VRS) to 2,000 employees in line with the government directive to reduce flab in the banking sector."We have so far received 1,800 applications in response to the VRS scheme and expect to achieve the target by this fiscal end," Kapur said.
