Mar 30, 2013, 02.07 PM | Source: PTI
Repco Home Finance, the housing finance arm of state-run Repco Bank, is going to list its shares on exchanges on Monday April 01, 2013.
"Effective from Monday, April 01, 2013, the equity shares of Repco Home Finance Limited shall be listed and admitted to dealings on the exchange," BSE and NSE said separately.
The company has fixed the issue price at Rs 172 per share for investors. The price band for the issue was at Rs 165 to Rs 172 a share.
Chennai-headquartered had offered 1.57 crore equity shares with a face value of Rs 10 each. This included a reservation of 1.8 lakh equity shares for subscription by eligible employees.
The company had decided to offer a discount of Rs 16 on the issue price to eligible employees. The issue opened on March 13 and closed on March 15.
Repco Home Finance is promoted by the Repatriates Co-operative Finance and Development Bank (Repco Bank), which was set up in April 2000 to extend banking services to rehabilitate the repatriates from Sri Lanka, Myanmar, Vietnam and other countries.
Pre-issue, Government of India Centre owned 76.83 per cent in the Repco Bank, while Tamil Nadu holds 3.05 per cent, Andhra Pradesh 1.81 per cent, Kerala 0.62 per cent, Karnataka 0.18 percent and Repco Bank 17.51 per cent.
Post issue, the share of Repco Bank would come down to 37.3 per cent from existing 50.02 per cent. The proceeds of the issue would be utilised towards augmentation of capital base, which would result in rise in net worth coupled with meet future capital adequacy requirements.
Repco's average cost of funds currently stants at
Rajat Bose of rajatkbose.com is of the view that o
Avinash Gorakssakar, Market Expert is of the view