Syndicate Bank issue to open shortly
21 Oct 1999
The public sector Syndicate Bank is launching an equity issue of Rs.125 crore, through the issue of 12.5 crore equity shares at par. The issue opens on 25 October 1999 and closes on 4 November 1999. The earliest closing, at the bank's discretion, is 30 October 1999.
There is no reservation in the issue for non-resident Indians, foreign institutional investors, overseas corporate bodies or mutual funds.
In the year ended 31 March 1999, the Syndicate Bank did total business of over Rs.29,000 crore. During the year, the bank saw a 73 per cent rise in profits. The net non-performing assets as a percentage of advances stood at 3.9 per cent, which was better than industry standards. Syndicate Bank managed a foreign exchange turnover of over Rs.82,000 crore during the year.
The bank has 14 million customers.
At the end of the fiscal 1997-98, the bank wrote off accumulated losses of Rs.942.62 crore by setting them off against share capital.
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