Karnataka based PSU bank Syndicate Bank is selling dollar bonds to foreign investors through its London branch. The bank has opened an offer to sell as much as $500 million worth of dollar-denominated bonds, as it seeks to tap renewed optimism for India among foreign investors. The bank is raising this fund to boost its capital reserves by selling medium-term bonds.
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.
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