Syndicate Bank has sought the government’s approval to raise Rs 1,100 crore from the market through Qualified Institutional Placement (QIP) route. In case of not getting government’s permission, the bank will dilute stake from 67.3% to 62%.
Moreover, the bank has drawn up vision 2020 which envisages a yearly credit growth of 19%. The bank has targeted a credit growth of 19% and deposits growth of 17% for this fiscal.