Syndicate Bank to raise Rs539 crore from Govt

New Delhi: Syndicate Bank said on Monday it planned to raise Rs539 crore ($109 million) through issue of preferential shares to the government by March-end.

A committee of directors formed to decide on the quantum of fund raising via issue of preferential shares gave a go-ahead on Saturday, the state-run bank said.

The issue price will be determined as per the regulatory norms.