Syndicate Bank shareholders okay Rs 866-crore capital infusion

The shareholders of Syndicate Bank have approved Rs 866.20 crore capital infusion by the Government and LIC of India.

The bank informed the BSE on Thursday that an extraordinary general meeting of shareholders at Manipal approved the preferential issue of shares worth Rs 866.20 crore at Rs 114.15 a share of face value of Rs 10 each.

This included preferential issue of equity shares to the Government of up to Rs 539 crore and to LIC of up to Rs 327.20 crore.

Post-preferential allotment issue of 4,7218,572 equity shares to the Government, its shareholding will come down to 68.63 per cent in the total shareholding as against the pre-issue shareholding of 69.47 per cent.

vinayakaj@thehindu.co.in