Syndicate Bank to raise Rs 100 crore via bonds

Hyderabad: Syndicate Bank is planning to raise funds to the tune of Rs 100 crore under the category of tier-II capital by way of issue of subordinated bonds.

"The idea is to ensure that increased capital would take care of credit expansion," the Syndicate Bank Chairman and Managing Director, Mr Michael Bastian, told presspersons here on Monday.
Accordingly, the bank has initiated the process of going in for rating and both ICRA and Fitch were entrusted with the task. It expects to complete the entire process of capital-raising before the end of current fiscal, Mr Bastian said.

As on September 30, 2003, the capital adequacy ratio of the bank stood at 12.4 per cent compared to 11.03 per cent at the end of March 2003.