Syndicate Bank strengthens on plan to raise $350 million through MTN issue

Syndicate Bank is currently trading at Rs 102.60, up by 0.70 points or 0.69% from its previous closing of Rs. 101.90 on the BSE. The scrip opened at Rs 103.10 and has touched a high and low of Rs 104.80 and Rs 102.50 respectively. So far 91925 shares were traded on the counter. The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 137.60 on 21-May-2013 and a 52 week low of Rs 61.05 on 20-Aug-2013. Last one week high and low of the scrip stood at Rs 108.35 and Rs 97.15 respectively. The current market cap of the company is Rs 6364.52 crore. The promoters holding in the company stood at 67.39% while Institutions and Non-Institutions held 19.83% and 12.78% respectively. Syndicate Bank is planning to raise $350 million in the next few weeks via Medium Term Note (MTN) route to fund its London operations. A medium term note is a debt security that usually matures in 5-10 years. The bank’s London branch business grew 33 per cent last fiscal to touch Rs 57,884 crore, up from Rs 43,442 crore in the previous fiscal. The bank has posted a fall of 30.90% in its net profit at Rs 409.30 crore for the quarter ended March 31, 2014 as compared to Rs 592.34 crore for the same quarter in the previous year.  However, total income of the bank has increased by 12.06% at Rs 5357.40 crore for quarter under review as compared to Rs 4780.75 crore for the quarter ended March 31, 2013.