State-owned Syndicate Bank said on Wednesday that it proposes to raise up to ₹1,700 crore through an issue of shares.
The bank will seek approval for capital issue not exceeding ₹1,700 crore by way of a QIP, rights issue, follow-on public issue or any other mode approved by the government/RBI as may be decided by the board, Syndicate Bank said in the notice for the AGM.
The bank will seek shareholders’ nod for the fund-raising at its Annual General Meeting (AGM) to be held on June 26.
The funds would be raised to the extent government holding does not fall below 51 per cent of the total capital base, it said.