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Syndicate Bank climbs on plans to raise Rs 539 crore via preferential issue

21 Feb 2012 Evaluate

Syndicate Bank is currently trading at Rs. 117.25, up by 0.95 points or 0.82% from its previous closing of Rs. 116.30 on the BSE.

The scrip opened at Rs. 118.00 and has touched a high and low of Rs. 120.00 and Rs. 116.70 respectively. So far 105255 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 131.90 on 05-Apr-2011 and a 52 week low of Rs. 67.45 on 30-Dec-2011.

Last one week high and low of the scrip stood at Rs. 120.70 and Rs. 112.50 respectively. The current market cap of the company is Rs. 6707.44 crore.

The promoters holding in the company stood at 69.47% while Institutions and Non-Institutions held 16.05% and 14.48% respectively.

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).

Synd.Bank-Amalgamat Share Price

23.40 0.00 (0.00%)
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Peers
Company Name CMP
SBI 1080.35
PNB 114.50
Canara Bank 142.35
Bank Of Baroda 280.00
Union Bank Of India 188.90
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