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

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

The bank will seek 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% of the total capital, it said.

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

On Wednesday, the shares of the bank closed down 1.75% or Rs 1.15 at Rs 66.70 per piece on the BSE.