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Syndicate Bank to raise additional capital, issue bonds

Syndicate Bank Ltd. plans to raise up to 35 billion Indian rupees in additional equity capital, and issue bonds amounting up to 20 billion rupees in fiscal 2017-2018.

The bank said May 29 that it plans to raise as much as 35 billion rupees through various modes, including qualified institutional placement, rights issue and preferential allotment.

The Indian lender also plans to issue Basel III-compliant Additional Tier 1 bonds worth up to 10 billion rupees and Tier 2 bonds worth up to 10 billion rupees.

The capital raising and bond issue will be done at an "appropriate time," and are subject to necessary approvals.

As of May 29, US$1 was equivalent to 64.54 Indian rupees.