Home finance arm of government-run Repco Bank on Thursday said that it will divest a little over 25 per cent of its stake through a public issue, which opens on March 13, and hopes to raise around Rs 270 crore.
The promoters have fixed a price-band in the range of Rs 165-172 per equity share for the initial public offer and the proceeds will be used for business development in the housing finance industry.
The 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.
The company will offer 15,720,262 equity shares or 25.29 per cent with a face value of Rs 10 each. The issue will close on March 15.
Published 07 March 2013, 17:22 IST