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Syndicate Bank proposes to raise up to Rs.7,840 crore by issuing equity shares, through various modes including preferential issue to the government.
In a regulatory filing the bank stated that, as part of the special resolution, it seeks to raise up to Rs.5,000 crore by 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.
Further the bank stated, it 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.”
