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Syndicate Bank to raise up to Rs 4,300 crore this fiscal

State-owned Syndicate Bank on Thursday said it will raise up to Rs 4,300 crore this fiscal through various instruments including Basel-III compliant bonds, rights issue and preferential allotment.

“The Board of Directors… approved to raise equity capital of Rs 1,700 crore inclusive of premium to be decided as per the guidelines by way of Qualified Institutional Placement (QIP)/Rights Issue/Preferential allotment or any other mode… during financial year 2016-17,” Syndicate Bank said in a BSE filing.

It further said: “The board also approved to raise Basel-III compliant additional tier-I bonds up to Rs 1,000 crore and tier-II bonds up to Rs 1,600 crore… during financial year 2016-17.”

Syndicate Bank had reported a net loss of Rs 2,158 crore for the March quarter due to over threefold rise in provisions for bad loans and contingencies.

The bank had posted a net profit of Rs 416.92 crore during the same quarter of 2014-15.Syndicate Bank raised provisioning towards bad loans and contingencies to Rs 2,411.83 crore in the last quarter of 2015-16 as against Rs 715.30 crore in the year-ago period.

Syndicate Bank shares were trading 1.02 per cent lower at Rs 67.75 on BSE in the morning session.

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