Syndicate Bank to raise Rs 3,990 cr

State-run Syndicate Bank today said it plans to raise Rs 3,990 crore for expanding its business and meeting regulatory capital requirements.
The bank said its Board of Directors will meet on February 2 "for approving the revised capital plan of the Bank from Rs 3,500 crore earlier (of which Rs 1,150.80 crore has been raised by way of Qualified Institutional Placement (QIP)) to Rs 3,999 crore for FY 2017-18."
"The equity capital may be raised through QIP/rights issue/follow on public issue and/or preferential allotment to LIC, Government of India and other financial institutions in one or more tranches depending upon the prevailing market conditions," it said in a BSE filing.

Earlier this month, the government announced Rs 88,139 crore capital infusion in 20 out of 21 public sector banks (PSBs) during the current fiscal.
In a separate statement, the Indian Overseas Bank said its shareholders have approved capital infusion plan for the current fiscal.
The shareholders have accorded their approval by way of a special resolution for utilisation of an amount of Rs 6,979 crore out of an amount of Rs 7,650 crore being the balance standing to the credit of share premium account as at March 31, 2017.
The amount will be transferred to the credit of the accumulated losses account of the bank, it said.

This will wipe off the accumulated losses outstanding as per last audited accounts of the bank up to March 31, 2017, it added.