Public sector lender Syndicate Bank is planning to raise Rs 200 crore by issuing preferential shares to government of India. In this regard, the bank has constituted a committee of directors to create, offer, issue and allot equity shares for cash at a price to be determined in accordance with Regulation 76 (1) of Sebi ICDR Regulations.
The committee will also take steps to convene an extraordinary general meeting of shareholders for obtaining their consent for the proposed issue of preferential shares.
Earlier, the company received board’s approval for issue of equity shares of the bank with a face alue of Rs 10 each aggregating Rs 200 crore
