Syndicate Bank is planning to raise fund up to Rs 7,840 crore by issuing equity shares through various modes including preferential issue to the government. The Bank proposed the same at the annual general meeting held on June 28, 2018.
As a part of this capital raising, the Bank will raise up to Rs 5,000 crore by creating equity shares by way of Qualified Institutional Placement (QIP) or Rights Issue or follow on public issue or any another mode in one or more tranches. Besides, it will create, offer, issue and allot up to 37,59,76,691 equity shares of face value of Rs 10 each for cash at an issue price of Rs 75.51 including premium of Rs 65.51aggregating up to Rs 2,839 crore on preferential basis to the government.
Syndicate Bank is one of the oldest and major commercial banks of India.
