Centre allotted Syndicate Bank shares

Syndicate Bank has allotted 3.747 crore shares of face value ₹10 each on a preferential basis to the Government of India for a capital infusion of ₹460 crore. These shares were issued at a premium of ₹112.75 determined in accordance with SEBI regulations, the bank said in a note to the stock exchanges on Wednesday. Syndicate Bank had reported a 20-per cent drop in net profits for the December quarter on lower net interest income and higher tax expenses.