Syndicate Bank has received an approval to raise up to Rs 1,150.80 crore through Qualified Institutional Placement (QIP), and has set the issue price at Rs 84.15 per share.
The sub-committee of the board of directors of the bank, at its meeting has approved the allotment of 13,67,55,924 equity shares to eligible qualified institutional buyers at the issue price of Rs 84.15 per equity share.
Syndicate Bank is one of the oldest and major commercial banks of India.