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Central Bank of India prices IPO at Rs 102

Friday, August 3, 2007

State-run Central Bank of India (CBI) has priced its initial public offer (IPO) at Rs 102, at the top end of the Rs 85 to Rs 102 price band. The bank had come out with an IPO of 8 crore shares last month. The issue was subscribed 62 times.

At Rs 102, the IPO has been priced at 8.29 times its FY 2007 EPS of Rs 12.30 on post-IPO equity of Rs 404.14 crore.

After the issue, the shareholding of the Union government in the bank has come down to 80.20%.

The gross NPA to gross advances ratio of CBI stood at 4.81% and the net NPA at 1.70% of the net advances as at end March 2007. These are relatively higher compared with industry peers.

CBI has pan-India presence with branches in 27 states and three Union Territories. At dnd March 2007, the bank had 3,194 branches, the third largest network of branches in India.

CBI reported net profit of Rs 498.01 crore on net total income of Rs 2950.07 crore in the year ended 31 March 2007 (FY 2007). Profit for FY 2007 includes recovery/write back of provisions of Rs 163.33 crore. However, a repeat of such recovery every year seems difficult.

Posted by FR at 9:58 PM  

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Investment in equity shares has its own risks. Sincere efforts have been made to present the right investment perspective.The information contained herein is based on analysis and up on sources that we consider reliable. I, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and I am not responsible for any loss incurred based upon it.& take no responsibility whatsoever for any financial profits or loss which may arise from the recommendations given in this blog.