Syndicate Bank has planned to raise ₹2,000 crore from the capital market.
However, the timing of the issue has not been specified by the bank.
In a communication to the stock exchanges, the public sector bank headquartered in Manipal in Karnataka said that its board today (May 19) approved raising of equity capital of ₹2,000 crore including premium by way instruments like Qualified Institutional Placement (Domestic & Foreign Financial Institutions)/ rights issue /Follow on Public Offer (FPO) /or any other mode approved by the RBI / Government of India, "at an appropriate time".
The statement said that the board also cleared raising Basel III compliant additional tier I bonds up to ₹1,800 crore and tier II bonds up to ₹1,750 crore as per eligibility at an appropriate time.
Shares of Syndicate Bank closed at ₹109.15, a gain of 20 paise, on the BSE today.