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Syndicate Bank launches QIP, sets floor price

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Syndicate Bank launches QIP, sets floor price

India's Syndicate Bank Ltd. has launched its qualified institutional placement, or QIP, with a floor price of 88.57 rupees per share.

The offer opened Dec. 12, the bank said in a same-day filing, adding that it might offer a discount of up to 5% on the floor price. The bank noted in a separate filing that it would determine the issue price and close the offer Dec. 15.

Syndicate Bank plans to raise up to 12 billion rupees through the placement, Mint reported, citing "two people aware of the development." The bank is looking at a base issue size of 7 billion rupees, with a green shoe option of another 5 billion rupees, the sources added.

Net proceeds from the offer will be used "for meeting capital requirement and to cater to its increasingly growing business level," the bank said in its QIP prospectus with bourses.

Equirus Capital Pvt. Ltd., BOB Capital Markets Ltd., BNP Paribas, Centrum Capital Ltd., Elara Capital India Pvt. Ltd. and IDBI Capital Markets & Securities Ltd. were appointed to manage the QIP, the publication said.

As of Dec. 12, US$1 was equivalent to 64.56 Indian rupees.