CSB Bank Block Deal: FIH Mauritius likely to sell 9.72% stake for ₹594.5 crore.
FIH Mauritius plans to sell a 9.72% stake in CSB Bank through a block deal valued at approximately ₹594.5 crore. The shares will be sold at ₹352.4 each, a 1% discount to the current price.
FIH Mauritius is expected to sell a 9.72% stake in CSB Bank through a block deal, sources told CNBC-TV18. The transaction, valued at approximately ₹594.5 crore, involves FIH Mauritius offloading 1.68 crore shares at a floor price of ₹352.4 per share, which is a 1% discount to the stock's closing price. Post-sale, FIH Mauritius will retain a 40% stake in CSB Bank.
IIFL Securities is the sole broker for the transaction, which includes a 90-day lock-in period for the shares being sold. CSB Bank reported a 3.1% year-on-year decline in net profit to ₹151.5 crore for the fourth quarter ending March 31, 2024, compared to ₹156.4 crore in the same period of FY23. Net interest income (NII) increased by 11% to ₹387 crore, up from ₹349 crore in Q4 FY23.
The gross non-performing assets (GNPAs) stood at 1.47% in Q4, up from 1.22% in Q3 FY24, while net NPAs were 0.51%, up from 0.31% quarter-on-quarter (QoQ). In monetary terms, gross NPAs were ₹361 crore compared to ₹278.7 crore in the previous quarter, and net NPAs were ₹124.9 crore, down from ₹702.3 crore in Q3. The operating profit for FY24 rose 10% year-on-year to ₹780 crore from ₹707 crore in FY23, with Q4 FY24 operating profit growing 13% to ₹228 crore from ₹202 crore in the same period last year.
CSB Bank Ltd shares ended at ₹355.85, down by ₹0.050, or 0.014%, on the BSE.
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