Syndicate Bank to Raise Rs 1,500 Crore From Share Sale

Syndicate Bank today said it plans to raise up to Rs 1,500 crore through share sale including rights issue or follow on public offer.

The board has approved to raise equity capital of Rs 1,500 crore including premium to be decided as per the guidelines by way of Qualified Institutional Placement or rights issue or follow on public offer or any other approved mode, Syndicate Bank said in a filing on the BSE.

Meanwhile, the state-owned bank recorded 31 per cent dip in net profit to Rs 409.3 crore for the fourth quarter ended March 31.

The bank had posted profit of Rs 592.34 crore in the January-March quarter of 2012-13, according to the filing.

Its total income in Q4, 2013-14 increased to Rs 5,357.40 crore, from Rs 4,780.75 crore in the same period a year ago.

For entire 2013-14, net profit slipped 14.6 per cent to Rs 1,711.46 crore, from Rs 2,004.42 crore in the previous financial year. Total income in 2013-14 rose to Rs 19,945.21 crore from Rs 18,295.05 crore in 2012-13.

Besides, the board has also approved to raise Basel III complaint Tier II capital up to Rs 1,150 crore.