Syndicate Bank has sought ₹800 crore equity infusion from the Union Government during the current financial year. At present, the Government holds 67.39 per cent stake in the bank, said Anjaneya Prasad, Executive Director.

In addition to approaching the Government, to maintain its capital adequacy ratio at 12 per cent, the bank proposes to raise equity capital by way of rights issue or qualified institutional placement (domestic and foreign) or through a follow-on public issue, based on market conditions, and approach the market for Basel III compliance through additional tier-I and tier-II bonds.

Besides, to meet the working capital requirements of its branch in London, the bank will raise $350 million through medium-term notes from international markets. It has secured the mandate to raise up to $2 billion for the purpose. “We are planning to hold road shows in London, Singapore and Hong Kong to facilitate fund raising,” he said.

It has also applied to the RBI for licences to open branches in five countries.

Internet banking In the domestic market, it plans to focus more on alternative channels, such as internet banking. “We will focus on creating enough awareness and educate our customers to effectively use these facilities,” he said.

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