Syndicate Bank gains as board approves fund raising proposal

Syndicate Bank rose 1.69% to Rs 111 at 16:25 IST on BSE after the company's board approved to raise equity capital of Rs 2000 crore by various ways.

The bank made announcement after market hours yesterday, 19 May 2015.

Meanwhile, the S&P BSE Sensex was up 176.16 points or 0.64% at 27,821.69.

On BSE, so far 2.35 lakh shares were traded in the counter as against average daily volume of 2.47 lakh shares in the past one quarter.

The stock hit a high of Rs 112.10 and a low of Rs 110.35 so far during the day.

Syndicate Bank said that the board of directors of the bank at its meeting held yesterday, 19 May 2015, has approved to raise equity capital of Rs 2000 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 also approved to raise Basel III Compliant Additional Tier I bonds upto Rs 1800 crore and Tier II bonds upto Rs 1750 crore as per eligibility at an appropriate time.

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