Chennai, May 19 (IANS): Government-owned Syndicate Bank on Tuesday said it plans to raise Rs.5,550 crore funds - a mix of equity and debt - at an appropriate time.
In a regulatory filing in the BSE, the Syndicate Bank said its board of directors at their meeting held on May 19 approved to raise fresh equity capital of Rs.2,000 crore including premium to by way of qualified institutional placement (domestic and foreign financial institutions)/rights issue/ follow on public/or any other mode approved by Reserve Bank of India/ central government.
The board also approved to raise Basel III complaint additional tier I bonds up to Rs.1,800 crore and tier II bonds up to Rs.1,750 crore as per eligibility at an appropriate time.