Syndicate Bank has informed BSE that the Board of Directors of the Bank at its meeting held on February 19, 2011 has permitted the Bank to initiate process to raise capital by creating, offering, issuing and allotting such number of equity shares of face value of Rs. 10/- each for cash at such price as may be determined in accordance with Regulation 76 (1) of SEBI ICDR Regulations aggregating to Rs. 633.00 Crore on preferential basis to Government of India and to complete the formalities by March 31, 2011.
This is in terms of the communication from Government of India, Ministry of Finance, Department of Financial Services vide letter dated February 15, 2011 conveying its decision to infuse Rs. 633.00 Crore (Rupees Six hundred thirty three Crore only) by way of preferential allotment of Equity in favour of Government of India.
Sensex
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Sunday, February 20, 2011
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