Syndicate Bank raises Rs 200 cr

Manipal-headquartered public sector lender Syndicate Bank on Friday received shareholders approval to raise Rs 200 crore from the government of India by issuing 22.63 million equity shares through preferential allotment to augment its capital in order to meet the requirements of Basel-II and Basel-III.

The bank in a filing to the Bombay Stock Exchange said that it will issue equity shares at a price of Rs 88.36 per equity share with a face value of Rs 10 each. The bank's shareholders approved the issue at an extraordinary general meeting held by the Bank at Manipal.