New Delhi, June 28 (PTI) Syndicate Bank will raise up to Rs 7,840 crore by issuing equity shares through various modes including preferential issue to the government. Also Read - Vinayak Chaturthi 2021: Know The date, Time For Ganesh Chaturthi Puja

The annual general meeting of the bank took place today in which it proposed to raise the equity capital of the lender. Also Read - Forget Telegram, Signal: ISIS Terrorists in India, Abroad Using Much More Secure Messenger 'Threema'

As part of the special resolution, it is sought to raise up to Rs 5,000 crore by creating equity shares by way of qualified institutional placement or rights issue or follow on public issue or any another mode in one or more tranches, the bank said in a regulatory filing. Also Read - India Set to Rollout World’s Biggest Vaccination Drive Today, 3 Lakh Health Workers to Get Shots on Day 1

Besides, it will “create, offer, issue and allot up to 37,59,76,691 equity shares of face value of Rs 10 each for cash at an issue price of Rs 75.51 including premium of Rs 65.51 … aggregating up to Rs 2,839 crore on preferential basis to the government,” the bank said.

Stock of the bank closed 4.51 per cent down at Rs 39.20 on BSE today.

This is published unedited from the PTI feed.