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Syndicate Bank to raise funds up to Rs 3,500 crore in FY18

Syndicate Bank has received an approval to raise equity capital up to Rs 3,500 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, subject to necessary approvals, during the financial year 2017-2018. The board of directors at its meeting held on May 29, 2017 has approved for the same.

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 1,000 crore, as per eligibility at an appropriate time, subject to necessary approvals, during the financial year 2017-2018.

The Bank has posted a net profit of Rs 103.84 crore for the quarter ended March 31, 2017 as compared to a net loss of Rs 2158.17 crore for the same quarter in the previous year. Total income of the Bank increased by 5.95% at Rs 6913.09 crore for quarter under review as compared to Rs 6524.65 crore for the quarter ended March 31, 2016.

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