Syndicate Bank to raise equity capital up to Rs 3500 crore

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Syndicate Bank on Monday informed that the board of directors of the company in its meeting held on May 29, 2017, approved raising of equity capital up to Rs 3500 crore inclusive of premium. The funds will be raised by way of Qualified Institutional Placement/Rights Issue/Preferential Allotment or any other mode during the financial year 2017-18.

Further, the board also approved to raise Basel III compliant additional Tier I bonds up to Rs 1000 crore and Tier II bonds up to Rs 1000 crore, as per BSE filing.

Meanwhile, Syndicate Bank is down by 0.4% at Rs 75.55 per share at 09:16 hours IST on BSE.

Syndicate Bank provides a range of banking services. The bank's segments include treasury, corporate/wholesale banking and other banking operations.

Stock View :-

Syndicate Bank is currently trading at Rs 75.6, down by Rs 0.3 or 0.4% from its previous closing of Rs 75.9 on the BSE.

The scrip opened at Rs 75.85 and has touched a high and low of Rs 75.85 and Rs 74.5 respectively. So far 340624(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 6865.45 crore.

The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 94.9 on 09-May-2017 and a 52 week low of Rs 59.2 on 27-Dec-2016. Last one week high and low of the scrip stood at Rs 81.8 and Rs 74.2 respectively.

The promoters holding in the company stood at 72.92 % while Institutions and Non-Institutions held 16.18 % and 10.9 % respectively.
The stock is currently trading below its 50 DMA.

Syndicate Bank :-
BSE 77.90 2 (2.64%)
NSE 77.75 1.90 (2.50%)

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