KOLKATA, July 23 (Business Standard): Syndicate Bank plans to raise Rs
11.0 billion through a qualified institutional placement (QIP) in the
current financial year, its chairman and managing director Sudhir Kumar Jain said today.
The fund raising programme will lead to a dilution in government's stake in the bank to around 62 per cent from 67.4 per cent now.
"It is not that we need capital immediately. But we need to raise money in anticipation of our long-term growth. We expect the annual average growth in our advances to be around 19 per cent for next five years.
The fund raising programme will lead to a dilution in government's stake in the bank to around 62 per cent from 67.4 per cent now.
"It is not that we need capital immediately. But we need to raise money in anticipation of our long-term growth. We expect the annual average growth in our advances to be around 19 per cent for next five years.
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