Sebon approves FPO of Citizens Bank ; shares to be floated at Rs 200

At the time FPOs are struggling to find a market, another issue at a premium price has been approved.

Citizens Bank International will now issue 4,63,826 units FPO at Rs 200 to the general public. The regulatory board has approved the issue today. Following the approval, the commercial bank will now float the shares worth Rs 9.27 crore. The company's paid-up capital will shoot by 4.63 crores after the issue.

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

Citizens Bank International already has a paid-up capital of Rs 8.03 arba and a reserve of Rs 2.37 arba. The company's promoter holding will dilute to 51% post FPO. CZBIL had an EPS of Rs 16.76 as of 3rd quarter. The P/E ratio will be approx. 12 times when calculated with the FPO price.

CZBIL was last traded for Rs 233 in the stock exchange.