The Hindu Business Line : Syndicate Bank expects nod soon for follow-on issue

New Delhi, Dec. 5 Syndicate Bank expects to get the necessary clearances from the Government and other regulatory bodies for its follow-on public issue soon.

“The bank’s board has already cleared the proposal, but we are waiting for getting the necessary clearances from the Government and other regulatory authorities which is expected soon,” Mr Srihari Bhat, General Manager, told reporters here on Wednesday.

The bank had proposed a follow-on public issue of 8 crore equity shares for meeting its capitalisation requirements. The board had cleared the proposal in May this year.

With the proposed issue, the Government stake is expected to come down to 57.64 per cent.

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