Syndicate Bank gained 1.32% to Rs 88.05 at 12:25 IST on BSE after the bank said its issue of unsecured, redeemable non-convertible Basel III compliant debentures was fully subscribed.
The bank made the announcement during market hours today, 18 December 2015.
Meanwhile, the BSE Sensex was down 146.38 points, or 0.57%, to 25,657.40.
On BSE, so far 58,214 shares were traded in the counter, compared with an average volume of 2.27 lakh shares in the past one quarter.
The stock hit a high of Rs 88.10 and a low of Rs 86.55 so far during the day. The stock hit a 52-week high of Rs 136.40 on 2 January 2015. The stock hit a 52-week low of Rs 75.70 on 10 September 2015.
The stock had underperformed the market over the past one month till 17 December 2015, falling 6.56% compared with Sensex's 0.23% fall. The scrip had, however, outperformed the market in past one quarter, gaining 8.69% as against Sensex's 0.62% fall.
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The mid-cap bank has an equity capital of Rs 662.06 crore. Face value per share is Rs 10.
Syndicate Bank said it has issued unsecured, redeemable non-convertible Basel III compliant, 10 year tier II bonds in the nature of debentures for inclusion in tier II capital aggregating to Rs 750 crore on private placement basis. The debentures carried a face value of Rs 10 lakhs and coupon rate of 8.62% per annum, which will be payable annually. The issue opened for subscription yesterday, 17 December 2015 and closed today, 18 December 2015. The date of maturity of debentures is 18 December 2025. Allotment of debentures takes place today, 18 December 2015.
Syndicate Bank's net profit rose 5.3% to Rs 332.37 crore on 17.4% rise in total income to Rs 6670.19 crore in Q2 September 2015 over Q2 September 2014.
Syndicate Bank is a PSU bank. As per the shareholding pattern, government of India holds 69.24% stake in the bank as on 30 September 2015.
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