Syndicate Bank has received nod from its board for the proposal to raise Rs 1,500 crore equity capital from the market and Rs 2,000 crore via tier-II bonds. It has also applied to the RBI and the Government for approval.
The bank has also reduced the base rate and the benchmark prime lending rate (BPLR) by 25 basis points (bps) with effect from February 13, 2013. The new base rate now stands at 10.25% per annum compared to 10.50% per annum earlier while BPLR now stands decreased from 14.50% per annum to 14.75% per annum.
