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Syndicate Bank to raise Rs 217 cr from LIC

Syndicate Bank is rising over Rs 217 crore from LIC by allotting preferential shares to garner capital to meet Basel III norms. The shareholders of the bank in an extraordinary general meeting approved the issue of 4,13,12,457 equity shares of face value of Rs 10 each for cash at Rs 52.51 aggregating to Rs 216.94 crore to LIC on preferential basis, the bank said in a BSE filing. In order to comply with Basel III requirements relating to capital adequacy, LIC has agreed to infuse capital funds to the tune of Rs 216.94 crore by way of preferential allotment of equity in its favour, it said.

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