22 May 07 Syndicate Bank FPO :Public Issue of 8 crore shares

The board of directors ofÃ‚Â Governement owned Syndicate Bank has approved a follow on public issue (FPO) of 8 crore equity shares through a 100% book building process. The price band will be fixed after discussion with the government, RBI and investment bankers. The funds will be used as TIER I capital to boost the capital adequacy ratio (CAR ) of Syndicate Bank in order to comply with the BASEL II norms.

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