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Syndicate Bank to raise up to 70B rupees via share, bond issuances

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Syndicate Bank to raise up to 70B rupees via share, bond issuances

Syndicate Bank Ltd. plans to raise up to 70 billion Indian rupees via issuances of equity and debt.

The bank plans to issue one or more tranches of shares to raise up to 50 billion rupees of equity capital. The capital raising will be conducted via qualified institutional placement, rights issue, follow-on public issuance, preferential allotment, or other means.

The lender also looks to issue up to 10 billion rupees each of Basel III-compliant Additional Tier 1 and Tier 2 bonds in fiscal 2018-2019, subject to necessary approvals.

As of June 6, US$1 was equivalent to 66.90 Indian rupees.