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Syndicate Bank to raise Rs 3,500 crore in FY18

LiveMint logoLiveMint 29-05-2017 PTI

New Delhi: State-owned Syndicate Bank on Monday said it plans to raise up to Rs3,500 crore in the current fiscal through instruments such as a rights issue.

The bank had posted Rs104 crore profit for the March quarter of 2016-17 even though its non-performing assets (NPAs) rose.

“The Board of Directors of the Bank...approved to raise equity capital up to Rs 3,500 crore inclusive of premium to be decided by way of Qualified Institutional Placement/Rights Issue/ Preferential Allotment/ or any other an appropriate time (during 2017-18)” it said in a regulatory filing.

Syndicate Bank’s Board also approved to raise Basel III Compliant Additional Tier I Bonds up to Rs1,000 crore and Tier II Bonds up to Rs 1,000 crore during the current financial year.

For the entire financial year 2016-17, the bank posted a profit of Rs359 crore as against a loss of 1,643 in the previous fiscal. Bank’s share closed at Rs75.90, down 3.62%, on BSE.

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