Syndicate Bank is planning to raise Rs 3,990 crore for expanding its business and meeting regulatory capital requirements. The Board of Directors of the bank will meet on February 02 for approving the revised capital plan of the bank from Rs 3,500 crore earlier (of which Rs 1,150.80 crore has been raised by way of Qualified Institutional Placement (QIP)) to Rs 3,990 crore for FY 2017-18.
The equity capital may be raised through QIP/rights issue/follow on public issue and/or preferential allotment to LIC, Government of India and other financial institutions in one or more tranches depending upon the prevailing market conditions.
Syndicate Bank is one of the oldest and major commercial banks of India.
