Syndicate Bank will raise up to Rs 1,150.80 crore through qualified institutional placement (QIP), and has set the issue price at Rs 84.15 per share.
The sub committee of the board of directors of the bank, at its meeting today "approved the allotment of 13,67,55,924 equity shares to eligible qualified institutional buyers at the issue price of Rs 84.15 per equity share, aggregating to Rs 11,508.01 million", the state-owned lender said in a regulatory filing.
Following the allotment under this QIP, the paid -up equity capital of the bank will increase to Rs 1,041.30 crore comprising of 104,12,95,362 equity shares of face value of Rs 10 each, it added.
The Syndicate Bank stock closed 1.64 per cent down at Rs 84 on BSE.
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