"The RBI has allowed Fairfax to take a 51 per cent stake in the Thrissur-headquartered Catholic Syrian Bank," a source told PTI.
Three people aware of this development told Mint that the Prem Watsa met RBI governor Urjit Patel and deputy governor SS Mundra and RS Gandhi on Friday.
Through the bancassurance tie-up, the company will able to offer general insurance solutions to the bank's customer base in Kerala, Tamil Nadu, Karnataka and Maharashtra. The 94-year-old Kerala-based bank has a strong presence in the southern and western parts of the country.
Securities and Exchange Board of India (Sebi) issued its final observations on the draft offer documents on August 14, which is necessary for companies to launch any public offer.
The Securities and Exchange Board of India (Sebi) issued its final observations on the draft offer document of the company on August 5, which is necessary for any company to launch a public offer.
With this, the number of firms receiving Sebi's green signal since the beginning of the year has reached 23. Apparel and lifestyle accessories firm Numero Uno filed its draft papers with the capital markets watchdog in April, while Sadbhav Infrastructure, a subsidiary of Sadbhav Engineering filed its initial papers in May.
The company, a subsidiary of Hyderabad-based Pennar Industries, in March had filed its draft red herring prospectus (DRHP) with Sebi through its lead merchant banker, Motilal Oswal Investment Advisors
The investment applications also include a host of proposals related to pharmaceutical sector, said the agenda of the 221st meeting of the Foreign Investment Promotion Board (FIPB) that will take place on July 13.
The proposal of microfinance group Bandhan Financial Services and Kerala-based Catholic Syrian Bank will also be considered in FIPB meeting.
Catholic Syrian Bank has received capital market regulator Sebi's approval to raise up to Rs 400 crore through an initial public offering (IPO).
A complaint filed by Muthoot Mercantile, a gold financing firm, had alleged that the 12 scheduled commercial banks had entered into an anti-competitive arrangement to determine the price and control the gold loan business.
Fitch Ratings has affirmed and simultaneously withdrawn the Individual and Support Ratings of select Indian banks.