Syndicate Bank will raise funds up to Rs 5,550 crore from a mix of equity and bond to meet its capital requirements. The bank has received an approval to raise equity capital of Rs 2,000 crore including premium to be decided as per the guidelines, at an appropriate time. The board of directors at their meeting held on May 19, 2015, has approved for the same.
The company will raise funds by way of Qualified Institutional Placement (Domestic & Foreign financial institutions)/Rights Issue /Follow on Public /or any other mode approved by Reserve Bank of India / Government of India.
The board also approved to raise Basel III Complaint Additional Tier I bonds up to Rs 1,800 crore and Tier II bonds up to Rs 1,750.00 crore, as per eligibility at an appropriate time.
