Syndicate Bank to raise Rs 3,500 cr by selling equity

Public sector player Syndicate Bank plans to raise Rs 3,500 crore via equity dilution including follow on public offer or rights issue.
The bank will seek permission of shareholders at the annual general meeting to be held later this month.
It has to obtain "approval of the shareholders for the capital issue of the bank for an aggregate amount not exceeding Rs 3,500 crore by way of qualified institutional placements/rights issue/follow on public issue/preferential issue to government/LIC and other financial institutions or any other mode," the bank said in a regulatory filing.
Bank's annual general meeting is to be held on June 23.

Syndicate Bank stock closed 0.97 per cent up at Rs 77.85 on BSE.