The board of directors of Syndicate Bank have approved issue of equity shares of face value of Rs 10 each aggregating to Rs 776 crore on preferential basis in favour of the Government of India.
In a release to the exchanges, the bank said the board had also approved convening of an extraordinary general meeting (EGM) of shareholders on September 16 to obtain their consent for the issue of equity shares to the government.
The board has also constituted a committee to determine the relevant date; fix the issue price for the proposed issue; and allot equity shares on preferential basis to the government.