Syndicate Bank to raise Rs 3,500-crore equity capital

By: FE Bureau | Bengaluru | Updated: August 8, 2017 

Syndicate Bank on Monday has said it is planning to raise up to Rs 3,500 crore through the equity capital market route, besides mopping up another Rs 2,000 crore through other routes. Melwyn Rego, managing director & CEO, said the bank is planning to raise Basel III compliant additional tier-I bonds of up to Rs 1,000 crore and tier-II bonds of up to Rs 1,000 crore during 2017-18. Syndicate Bank posted a net loss of Rs 263 crore for the quarter ended June, as against a net profit of Rs 79 crore for the year-ago period. The net loss was primarily on account of a 79% year-on-year increase in NPA provisioning. Its operating profit for Q1, however, increased 26% to Rs 980 crore, as against Rs 774 crore during the same period last year.

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