Rs 7,840 Crore Equity Capital Will Be Raised By Syndicate Bank This Fiscal

Public Sector Syndicate Bank has announces to raise equity capital of Rs 7,840 Crore. The capital will be raised through various means  including preferential issue to the government, creating equity shares by way of qualified institutional placement or rights issue or follow on public issue or any another mode in one or more tranches.

The decision of raising the equity capital was discussed in Bank’s annual general meeting last month. Bank 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 65.51, aggregating up to Rs 2,839 crore on preferential basis to the government.