Syndicate Bank rose 2.77% to Rs 78 at 13:51 IST on BSE after the bank's board of directors approved raising of funds through issue of shares and bonds.
The announcement was made after market hours yesterday, 29 May 2017.Meanwhile, the S&P BSE Sensex was up 72.21 points, or 0.23%, to 31,181.49. The S&P BSE Mid-Cap index was up 110.78 points, or 0.77%, to 14,480.68
On BSE, so far 2.51 lakh shares were traded in the counter, compared with an average volume of 3.88 lakh shares in the past one quarter. The stock hit a high of Rs 78.80 and a low of Rs 74.50 so far during the day. The stock hit a 52-week high of Rs 94.90 on 9 May 2017. The stock hit a 52-week low of Rs 59.20 on 27 December 2016.
The stock had underperformed the market over the past one month till 29 May 2017, falling 8.28% compared with the 3.98% gain in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 9.37% as against Sensex's 8.23% gain.
The mid-cap state-run bank has equity capital of Rs 904.54 crore. Face value per share is Rs 10.
Syndicate Bank said that board of directors of the bank in its meeting held yesterday, 29 May 2017 approved to raise equity capital up to Rs 3500 crore inclusive of premium to be decided by way of Qualified Institutional Placement/Rights Issue/Preferential Allotment / or any other mode approved by Reserve Bank of India/Government of India, at an appropriate time during the financial year ending 31 March 2018 (FY 2018).
The board also approved to raise Basel III Compliant Additional Tier I Bonds up to Rs 1000 crore and Tier II Bonds up to Rs 1000 crore, as per eligibility at an appropriate time, subject to necessary approvals, during FY 2018.
Government of India owned 72.92% stake in Syndicate Bank (as per the shareholding pattern as on 31 March 2017).
Syndicate Bank reported net profit of Rs 103.84 crore in Q4 March 2017 as compared with net loss of Rs 2158.17 crore in Q4 March 2016. Total income rose 5.95% to Rs 6913.09 crore in Q4 March 2017 over Q4 March 2016.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
