Syndicate Bank fixes IPO price band at Rs.46-50

Mumbai: Syndicate Bank has fixed the price band for its follow-on public issue between Rs46 and Rs50, according to a release from the bank.

Syndicate Bank will offer five crore equity shares of Rs10 each for cash through a 100 per cent book-building process. The issue will open on July 7 and close on July 13.

Of the total offer, the bank has reserved Rs50 lakh equity shares to be offered to its eligible employees.

Of the balance net offer, 22.50 million equity shares, that is, 50 per cent of the net offer are reserved for allotment to qualified institutional buyers on a discretionary basis and 6.75 million shares, that is, 15 per cent of the net offer are reserved for allotment to non-institutional buyers. The balance 15.75 million shares, that is, 35 per cent of the net offer would be allotted to retail investors on a proportionate basis, the release added.

The book running lead managers of the issue are SBI Capital Markets Ltd, Enam Financial Consultants Pvt Ltd, JM Morgan Stanley Pvt Ltd, and SSKI Corporate Finance Pvt Ltd.