State-owned Syndicate Bank today said it plans to raise up to Rs 3,500crore in the current fiscal through instruments such as a rights issue. The bank had posted Rs 104crore profit for the March quarter of 2016-17 even though its non-performing assets rose.
“The Board of Directors of the Bank approved to raise equity capital up to Rs 3,500crore inclusive of premium to be decided by way of Qualified Institutional Placement/Rights Issue/Preferential Allotment or any other mode at an appropriate time (during 2017-18)” it said in a regulatory filing.
Syndicate Bank’s Board also approved to raise Basel III Compliant Additional Tier I Bonds up to Rs 1,000crore and Tier II Bonds up to Rs 1,000crore during the current financial year.
For the entire financial year 2016-17, the bank posted a profit of Rs 359crore as against a loss of 1,643 in the previous fiscal. Bank’s share closed at Rs 75.90, down 3.62 per cent, on BSE.