Syndicate Bank's 2nd public offer

Syndicate Bank has filed a red herring prospectus with the Securities and Exchange Board of India to make a second public issue of the bank's equity shares, a release said here on Tuesday.

The issue will be made to augment the capital reserves to meet Basel II norms and for future business growth, the bank's chairman and managing director N Kantha Kumar said.

The bank proposes to issue five crore shares of Rs 10 each for cash at a premium to be decided through 100 per cent book building. The bank has reserved 50 lakh equity shares to be offered to its employees and another 50 lakh shares to existing shareholders, the releases said.

The remaining will be split among qualified institutional buyers (200 lakh), non-institutional buyers (60 lakh) and retail investors (140 lakh).

The bank has chosen SBI Capital Markets Limited, Enam Financial Consultants Private Limited, JM Morgan Stanley Private Limited and SSKI as the book running lead managers, the release said.