Syndicate Bank, public sector lender has received its shareholders’ approval for Rs 866.20 crore capital infusion by the Government and LIC of India. The bank has received this approval at an extraordinary general meeting of shareholders for preferential issue of shares worth Rs 866.20 crore at Rs 114.15 a share of face value of Rs 10 each. This included preferential issue of equity shares to the Government of up to Rs 539 crore and to LIC of up to Rs 327.20 crore.
After this allotment issue of 4,7218,572 equity shares to the Government, its shareholding will come down to 68.63% in the total shareholding as against the pre-issue shareholding of 69.47%.
Syndicate Bank is a Karnataka-based public sector bank. The bank is pioneer among public sector banks on launching Centralised Banking Solution (CBS).
