The RBI cleared NRI businessman Surichan Chansri Chawla's transfer of Catholic Syrian Bank (CSB) shares to Edelweiss Capital on 19 Sept 2010. Edelweiss held 0.39% stake in Catholic Syrian Bank. With the acquisition of Chawla's stake of 4.57 per cent, the financial services firm's (Edelweiss Capital) total holding increased to 4.96 per cent. Catholic Syrian Bank had gone ahead with its right issue to stock its capital base and take care of expansion plans and growth in June 2010. The size of the issue was Rs 180 crore. RBI’s permission for the transfer of shares from CSB to Edelweiss Capital came at a time when Chawla was trying to offload his excess stake in CSB as the Indian law does not permit an investor to hold more than 10 per cent equity in a bank.
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