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Manipal-headquartered public sector lender Syndicate Bank today decided to raise Rs 200 crore by issuing preferential shares to government of India.
The Board of the Bank at a meeting today approved the issue of equity shares of the bank with a face value of Rs 10 each aggregating Rs 200 crore, the Bank informed Bombay Stock Exchange.
The Bank has constituted a committee of directors to create, offer, issue and allot equity shares for cash at a price to be determined in accordance with Regulation 76 (1) of Sebi ICDR Regulations.
The committee will also take steps to convene an extraordinary general meeting of shareholders for obtaining their consent for the proposed issue of preferential shares.
The Bank’s stock closed at Rs 88.75 on BSE, showing a drop of 0.11% over the previous close.
