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Syndicate Bank to raise equity capital up to Rs 1,700 crore in FY 2016-17

19 May 2016 Evaluate

Syndicate Bank is planning to raise equity capital upto Rs 1,700 crore inclusive of premium to be decided as per the guidelines by way of Qualified Institutional Placement/Rights Issue /Preferential allotment /or any other mode approved by Reserve Bank of India / Government of India, at an appropriate time, subject to necessary approvals, during the financial year 2016-2017.  The board of directors at its meeting held on 17th May 2016 has approved for the same.

The bank’s board also approved to raise Basel III Complaint Additional Tier I bonds upto Rs 1000 crore and Tier II bonds upto  Rs 1,600 crore, as per eligibility at an appropriate time, subject to necessary approvals, during the financial year 2016-17.

The bank has reported a net loss of Rs 2158.17 crore for the quarter ended March 31, 2016 as compared to net profit of Rs 416.92 crore for the same quarter in the previous year. Total income of the bank has decreased by 1.13% at Rs 6524.65 crore for quarter under review as compared to Rs 6599.13 crore for the quarter ended March 31, 2015.

Synd.Bank-Amalgamat Share Price

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Peers
Company Name CMP
SBI 1114.30
PNB 114.80
Canara Bank 143.75
Bank Of Baroda 282.55
Union Bank Of India 189.45
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