Wednesday, September 29, 2021
HomeBusinessSyndicate Bank to raise up to Rs 4,300 cr this fiscal

Syndicate Bank to raise up to Rs 4,300 cr this fiscal

State-owned Syndicate Bank said it will raise up to Rs 4,300 crore this fiscal through various instruments including Basel-III compliant bonds, rights issue and preferential allotment.

syndicate-bank“The Board of Directors approved to raise equity capital of Rs 1,700 crore inclusive of premium to be decided as per the guidelines by way of Qualified Institutional Placement (QIP)/Rights Issue/Preferential allotment or any other mode. During financial year 2016-17,” Syndicate Bank said in a BSE filing.

It further said: “The board also approved to raise Basel-III compliant additional tier-I bonds up to Rs 1,000 crore and tier-II bonds up to Rs 1,600 crore during financial year 2016-17.”

Syndicate Bank had reported a net loss of Rs 2,158 crore for the March quarter due to over threefold rise in provisions for bad loans and contingencies.

The bank had posted a net profit of Rs 416.92 crore during the same quarter of 2014-15.

Syndicate Bank raised provisioning towards bad loans and contingencies to Rs 2,411.83 crore in the last quarter of 2015-16 as against Rs 715.30 crore in the year-ago period.

Syndicate Bank shares were trading 1.02% lower at Rs 67.75 on BSE in the morning session.

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