Date:19/09/2005 URL: http://www.thehindubusinessline.com/2005/09/19/stories/2005091901471200.htm

Back Bharat Overseas IPO soon

Our Bureau

Mr G. Krishna Murthy

Hyderabad , Sept. 18

AIMED at adhering to the revised guidelines prescribed by the Reserve Bank of India on ownership and corporate governance, Bharat Overseas Bank Ltd, the Chennai-based private sector bank, plans to come out with an initial public offer.

Stating that the bank will come out with an IPO soon, its Chairman and CEO, Mr G. Krishna Murthy, said the public offer would enhance the net worth of the bank well above the stipulated level of Rs 300 crore.

Inaugurating the bank's 99th branch at Rajahmundry, Mr Murthy said the bank had set a target of achieving Rs 12,000 crore business by March 2010 from the current level of Rs 4,500 crore. The bank had also chalked out strategy to expand its delivery channels by taking its total branches to 200, he said.

In a press release here, the bank said it proposed to expand network to 110 branches by the current fiscal-end.

The bank's 100th branch will come up at Kilpauk in Chennai shortly.