Syndicate Bank To Raise Equity Capital Up To Rs 3500 Crore

Syndicate Bank on Monday informed that the board of directors of the company in its meeting held on May 29, 2017, approved raising of equity capital up to Rs 3500 crore inclusive of premium. The funds will be raised by way of Qualified Institutional Placement/Rights Issue/Preferential Allotment or any other mode during the financial year 2017-18.

Further, 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, as per BSE filing.

Meanwhile, Syndicate Bank is down by 0.4% at Rs 75.55 per share at 09:16 hours IST on BSE.

Syndicate Bank provides a range of banking services. The bank's segments include treasury, corporate/wholesale banking and other banking operations.

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