Syndicate Bank secures AGM nod to raise Rs 2,000-cr

Bank intends to raise funds either in one or more tranches

Manipal-headquartered public sector lender Syndicate Bank on Friday secured shareholders’ approval for its proposed plans to raise up to Rs 2,000 crore by way of qualified institutional placement (QIP) issue, rights issue, follow on public issue or any other mode approved by the government of India, Reserve Bank of India to augment its capital base and cater to its increasingly growing business level and to comply with the Basel-III norms.

It intends to raise funds either in one or more tranches.

The bank moved a resolution at the AGM, held at Manipal, which was approved through both physical voting and electronic voting, the bank said in a filing to the BSE.