Syndicate Bank to come out with eight crore equity share

Manipal. June 22 (UNI) The public sector Syndicate Bank proposes to come out with eight crore equity share with the face value Rs. 10 each during the current financial year.

Addressing the press conference here today C P Swarnkar, the Chairman and Managing Director of the Bank said that the Annual General Meeting (AGM) of the shareholders held here yesterday had approved the proposal to go for second Follow on Public Issue to meet the additional capital requirement for further asset expansion and also on account of implementation of Basel II.

He said that the bank had planned to come out with the public issue to the market in another in six months. Eight to ten months would be required to prepare the document and get permission from agencies like SEBI.

He said that the Bank which had achieved a global business of 1,31,473 crore during 2006-07 with the growth rate of 44.03 per cent, had targeted to achieve at least 30 per cent growth during the current year.

The bank, which had provided agriculture assistance to the tune of Rs 699 crore to 30,000 farmers under Synd Jai Kisan, had planned to disburse Rs 1500 crore by bringing an additional 70,000 farmers under the scheme during the current year, he added.

UNI