Syndicate Bank approves proposal to increase upto Rs. 5000 crores

The Board of Directors of Syndicate Bank in its meeting held on 06th June 2018 approved to raise equity capital up to Rs 5000 Crore (Rupees Five Thousand Crore only), by way of Qualified Institutional Placement / Rights Issue / Follow On Public Issue / preferential allotment or any other mode permitted by Reserve Bank of India / Government of India, in one or more tranches, inclusive of premium to be decided/approved by the Board.

The Board also approved to raise Basel III Compliant Additional Tier I Bonds up to Rs 1000 Crore (Rupees One Thousand Crore only ) and Tier II Bonds up to Rs 1000 Crore (Rupees One Thousand Crore only) at coupon rates as per prevailing market conditions, subject to necessary approvals, during the Financial year 2018-2019.

Shares of SYNDICATE BANK was last trading in BSE at Rs.48.65 as compared to the previous close of Rs. 47.15. The total number of shares traded during the day was 154003 in over 702 trades.

The stock hit an intraday high of Rs. 48.9 and intraday low of 46.75. The net turnover during the day was Rs. 7427423.

Source : Equity Bulls

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