Syndicate Bank has launched a share sale to institutional investors, seeking to raise up to Rs 1,200 crore ($186.4 million) to help boost its capital ratio. The deal has a base size of up to Rs 700 crore with an upsize option of up to Rs 500 crore. Moreover, the bank has set an indicative sale price of Rs 84.15 a share.
Equirus Capital, BOB Capital Markets, BNP Paribas, Centrum Capital, Elara Capital and IDBI Capital are the banks managing the share sale.
India's state-run banks are raising funds from share sales as part of the government's recapitalisation plan for the lenders that will also see New Delhi injecting Rs 1.35 lakh crore in them through recapitalisation bonds.
