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Private sector Bandhan Bank today said it is planning to come out with an initial public offer (IPO) in the early part of the next fiscal.
“We have recently appointed five merchant bankers and the process of IPO has just started. We are not looking to go public this fiscal but maybe next fiscal,” Bandhan Bank Managing Director Chandra Shekhar Ghosh said here.
It should happen before August next year, he said.
The Reserve Bank of India’s guidelines mandated the bank to get itself listed within three years from the commencement of banking operations. The bank started operations in August 2015.
The bank’s capital adequacy ratio stood at 26 per cent as on June 30.
Meanwhile, he said, Bandhan-Konnagar, a not-for-profit organisation working in the sphere of women empowerment, needs support from various stakeholders, including corporates to uplift families out of debilitating poverty.
So far, the NGO has supported about 55,000 families across nine states since its launch in 2001, Ghosh who is mentor and founder of the NGO, said.
Currently, only a few corporates including ITC and Bandhan Bank contribute to the NGO.
“For scaling up our effort, we would require more and more institutions to join our hands and help in the programme — Targeting the Hardcore Poor (THP),” he said.
He said a few state governments such as Rajasthan, Bihar and Jharkhand have supported the programme.
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