Syndicate Bank gained 3.57% to Rs 68.20 at 15:02 IST on BSE after the bank allotted 9.51 crore shares at Rs 77.79 each, aggregating to Rs 740 crore, on preferential basis to Government of India.
The allotment price of Rs 77.79 per share to Government of India represents at premium of 14.06% over the stock's prevailing market price. The announcement was made after trading hours today, 5 May 2016.Meanwhile, the S&P BSE Sensex was down 49.14 points or 0.19% at 25,213.07
On BSE, so far 3.58 lakh shares were traded in the counter as against average daily volume of 3.14 lakh shares in the past one quarter. The stock hit a high of Rs 69.45 and a low of Rs 66.50 so far during the day. The stock had hit a 52-week high of Rs 118.20 on 29 May 2015. The stock had hit a 52-week low of Rs 49.40 on 17 February 2016.
The mid-cap state-run bank has equity capital of Rs 703.37 crore. Face value per share is Rs 10.
Syndicate Bank reported net loss of Rs 119.67 crore in Q3 December 2015 compared with net profit of Rs 304.99 crore in Q3 December 2014. Total income rose 4.5% to Rs 6188.25 crore in Q3 December 2015 over Q3 December 2014.
The Government of India held 65.17% stake in Syndicate Bank (as per the shareholding pattern as on 31 March 2016).
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