On Wednesday, the State-owned Syndicate Bank said that it proposes to raise funds up to Rs. 1,700 crore from public funds including the qualified institutional placement (QIP).
The bank will talk to its shareholders before finalizing anything in its annual general meeting (AGM) which is scheduled on June 26.
Syndicate bank to raise funds from public offers
The bank will ask for an approval for the capital issue for an aggregate amount which will not exceed Rs. 1,700 crore by QIP, a rights issue, follow on public issue or any other mode approved by the government or the Reserve Bank of India (RBI) as will be decided by the board, the Syndicate Bank said in the AGM notice.
The funds will be raised to an extent where the government holdings will not fall below 51% of the total capital.
The government had infused Rs 740 crore in the bank through preferential allotment of shares during last fiscal year.
