Syndicate Bank said, it will raise up to Rs500 crore by issuing stock to its employees under the employee share purchase scheme, at a 15 to 25% discount to employees. Accordingly, the bank will issue 300 million shares to employees to raise this capital, the proposal of which is approved by the board and the bank will approach Sebi soon.
Looking through the earnings announcement of the Syndicate bank, it had reported a net loss of Rs 1524 crore in the Q2 due to higher provisioning for bad loans.
Shares of Syndicate Bank trade up 1.41 percent at Rs.35.45 per share during first afternoon hours of trade, NSE. Meantime Indian market benchmark BSE Sensex was trading as high as 35,430, up 76 points, whereas NSE Nifty 50 was at 10,650 up 22 points.