Kerala-based Catholic Syrian Bank has filed draft prospectus for initial public offer with markets regulator SEBI. Through the offer, the private sector lender is looking to raise fresh capital by issuing shares worth ₹30 crore apart from an offer for sale of 1.98 crore shares by existing shareholders.

The bank is one of India’s oldest with a history of over 98 years and has a strong base in Kerala along with significant presence in Tamil Nadu, Karnataka, and Maharashtra, according to the prospectus. “The net proceeds from the fresh issue are proposed to be utilised towards augmenting the bank’s tier-1 capital base to meet future capital requirements which are expected to arise out of growth in our bank’s assets, primarily our bank’s loans/advances and investment portfolio, and to ensure compliance with Basel III and other RBI guidelines,” it said.Shares of the bank will be listed on BSE and NSE, it said.

Canadian billionaire Prem Watsa has controlling stake in the bank which posted a loss of ₹197.4 crore in financial year 2018-19. Last year, Watsa’s Fairfax India Holdings Corporation acquired 51 per cent stake in the bank for around ₹440 crore, following which the Reserve Bank instructed it to list its shares by September 30, 2019.

This was the first time the central bank had approved an equity investment into a domestic private sector bank by a foreign firm. The bank had got approval for Rs 400 crore IPO in 2015 but did not go ahead with the plans then.

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