Syndicate Bank has received an approval to raise equity capital up to Rs 5000 crore, by way of Qualified Institutional Placement/Rights Issue/Follow On Public Issue/preferential allotment or any other mode permitted by Reserve Bank of India/Government of India, in one or more tranches, inclusive of premium to be decided/approved by the Board. The Board of Directors of the Bank in its meeting held on June 06, 2018, approved the same.
The Board also approved to raise Basel III Compliant Additional Tier I Bonds up to Rs 1000 crore and Tier II Bonds up to Rs 1000 crore at coupon rates as per prevailing market conditions, during the Financial year 2018-2019.
Syndicate Bank is one of the oldest and major commercial banks of India.
