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India's Syndicate Bank issues shares to government, LIC

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India's Syndicate Bank issues shares to government, LIC

India's Syndicate Bank Ltd. said March 31 that it allotted41,312,457 equity shares on preferential basis to .

The shares were issued at 52.51 rupees per share,aggregating up to 2.17 billion rupees.

The bank also said in a same-day press release that itapproved to issue 95,127,908 equity shares on preferential basis to thegovernment of India.

The equity shares will be issued at 77.79 rupees per share,aggregating up to 7.4 billion rupees. Proceeds from the government will betreated as common equity Tier 1 capital.

As of April 1, US$1was equivalent to 66.36 Indian rupees.