Syndicate Bk to seek nod for FPO on June 21

Syndicate Bank is seeking shareholders' approval for the proposed follow-on public offer (FPO) of eight crore shares to meet Basel-II requirements and expansion plans.

According to a release issued by the bank today to the BSE, shareholders would consider the proposal at the 8th Annual General Meeting (AGM) to be held on June 21.

As per the proposed issue, Syndicate Bank would issue up to eight crore equity shares of Rs 10 each, aggregating to not more than Rs 80 crore, subject to necessary provisions and approvals.

The government currently holds 66.47% stake in the bank whose CAR stood at 11.74% as of 31 March, 2007.

State Bank of India, ICICI Bank, HDFC Bank and Punjab National Bank have already announced plans to raise additional capital.