Syndicate Bank is planning to raise up to Rs 539 crore through issue of preferential share to the Government of India. The bank has already initiated the process to raise capital by issue of shares on preferential basis either to the Government of India or the country’s largest insurer, LIC. The process of raising the money will be complete by March 31, 2012.
The decision for the above was taken in a meeting of committee of directors formed to decide on the quantum of fund raising via issue of preferential shares on February, 18. Syndicate Bank in the last fiscal had got capital support of Rs 633 crore from the government.
Syndicate Bank is a Karnataka-based public sector bank. The bank is pioneer among public sector banks on launching Centralised Banking Solution (CBS).
