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Deccan Herald » Business » Detailed Story
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Syndicate Bank files draft for public issue
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DH News Service Bangalore:
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Syndicate Bank, one of the major public sector banks, on Tuesday filed a draft Red Herring Prospectus with the Securities and Exchange Board of India (SEBI), to enter the capital market with its second public issue of equity shares.
Syndicate Bank proposes to issue 50 million equity shares of Rs 10 each for cash at a premium to be decided through the book building process. Of the total offer, the bank has reserved 5 million equity shares to be offered to its employees and another 5 million equity shares to be offered to the existing shareholders.
“The issue is being made to augment the capital requirements in keeping with Basel II norms as also to meet our future growth objectives,” said Mr N Kantha Kumar, Chairman & Managing Director of Syndicate Bank.
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Wednesday, April 20, 2005
