However, the timing of the issue has not been specified by the bank.
In a communication to the stock exchanges, the public sector bank headquartered in Manipal in Karnataka said that its board today (May 19) approved raising of equity capital of Rs.2,000 crore including premium by way instruments like Qualified Institutional Placement (Domestic & Foreign Financial Institutions)/ rights issue /Follow on Public Offer (FPO) /or any other mode approved by the RBI / Government of India, "at an appropriate time".
The statement said that the board also cleared raising Basel III compliant additional tier I bonds up to Rs.1,800 crore and tier II bonds up to Rs.1,750 crore as per eligibility at an appropriate time.
Shares of Syndicate Bank closed at Rs.109.15, a gain of 20 paise, on the BSE today.
Source : Thehindubusinessline