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Saturday, Jan 22, 2005

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Centurion Bank seeks to raise up to Rs 600 cr

Nilanjan Dey
Kohinoor Mandal

Kolkata , Jan. 21

CENTURION Bank is seeking to raise up to Rs 600 crore from the market to meet its long-term capital requirement for expansion plans. It has not ruled out tapping global investors.

The bank will soon seek shareholders' approval for issuing fresh equity shares, which might include an international offering. Shares of Re 1 are likely to be issued.

According to the company secretary, Mr N.E. Venkitakrishna, the money is likely to be raised either in one or more tranches. Centurion Bank can afford to raise Tier I capital because its capital adequacy ratio as on September 30, 2004, is 9.51 per cent against the prescribed limited of 9 per cent.

The bank has already sought the shareholders nod to pass an enabling resolution for the proposed issue of equity shares. In the resolution, it has kept all options open regarding the proposed issue.

According to the resolution, it can either be an American Depository Receipt or Global Depository Receipt or foreign currency convertible bonds or a domestic issue.

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