Citizens Bank FPO to commence from 15th Shrawan ; minimum 50 units to be applied

Citizens Bank has published an offer letter for the FPO issuance. 

As per the offer letter, the FPO issue will commence from 15th Shrawan and end on 18th Shrawan, if early. The issue can however extend till 14th Bhadra in case of under-subsubscription. Citizens Bank will issue 4,63,826 units at a price of Rs 200.

Interest applicants can apply for minimum of 50 units whereas maximum of 2300 units can be applied. 

Global IME Capital has been appointed as the issue manager for the FPO. 

Citizens Bank International already has a paid-up capital of Rs 8.03 arba and a reserve of Rs 2.76 arba. The company's promoter holding will dilute to 51% post FPO. CZBIL had an EPS of Rs 17.53 as of 4th quarter. The P/E ratio will be approx. 11.40 times when calculated with the FPO price.

The shares of Citizens Bank was last traded for Rs 228 in the stock exchange. 

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