Syndicate Bank to raise fund upto Rs 2,650 crore

Syndicate Bank’s board of directors at its meeting held on May 07, 2014 has approved to raise equity capital of Rs 1,500 crore including premium to be decided as per the guidelines by way of Qualified Institutional Placement (Domestic & Foreign financial institutions)/Rights Issue /Follow on Public /or any other mode approved by Reserve Bank of India / Government of India, at an appropriate time. The Board has also approved to raise Basel III Complaint Tier II Capital requirements upto Rs 1,150 crore as per eligibility at an appropriate time. 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.