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Bangalore-based Syndicate Bank is looking to raise ₹1,100 crore through qualified institutional placements (QIPs).
The QIPs is expected by the end of this fiscal. According to Sudhir Kumar Jain, the bank has written to the Centre some 15 days back seeking permission.
"Once we get the permission, we will go ahead with the QIPs, may be by the end of this fiscal," he told reporters on the sidelines of the FICCI Banking Conclave.
According to Jain, the government holding in the bank will be brought down to 62 per cent post the QIP.
The Government holding in the bank currently stands at 67.3 per cent.
"In case we do not get permission for a QIP, we will go for a public issue," he added.
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