Syndicate Bank to raise up to Rs 1,700 cr from public offer

State-owned Syndicate Bank today said it proposes to raise up to Rs 1,700 crore from public issue, including Qualified Institutional Placement or QIP.

syndicate bank
The government infused Rs 740 crore in the bank through preferential allotment of shares during last fiscal. (PTI)

State-owned Syndicate Bank today said it proposes to raise up to Rs 1,700 crore from public issue, including Qualified Institutional Placement or QIP.

The bank will seeks shareholders nod for this at its Annual General Meeting (AGM) to be held on June 26.

The bank will seek approval for capital issue of the bank for an aggregate amount not exceeding Rs 1,700 crore by way of a Qualified Institutional Placement (QIP) or rights issue or follow on public issue or any other mode approved by government/RBI as may be decided by the board, Syndicate Bank said in AGM notice.

The fund would be raised to an extent that government holding not falling below 51 per cent of the total capital, it said.

The government infused Rs 740 crore in the bank through preferential allotment of shares during last fiscal.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express Telegram Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.