Public sector Syndicate Bank today said it plans to raise a sum of Rs 4,300 crore in the current financial year through a mix of rights issue, preferential allotment and bonds.
In an update about capital plan for the financial year 2016-17, Syndicate Bank said the Board of Directors in a meeting on May 17 approved the various capital raising plans.
"Board of Directors approved to raise equity capital up to Rs 1,700 crore...By way of Qualified Institutional Placement/rights issue/preferential allotment of any other mode approved by RBI/Government, at an appropriate time during the financial year 2016-17," it said in a regulatory filing.
The board also approved to raise Basel-III complaint additional tier-I bonds up to Rs 1,000 crore.
Additionally, Rs 1,600 crore will also be raised by issuing tier-II bonds at an appropriate time during the financial year 2016-17, it added.
Syndicate Bank scrip closed 3.87 per cent down at Rs 65.80 apiece on BSE.
