Syndicate Bank dips nearly 3% post fixing issue price for preferential allotment

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Shares of public sector lender Syndicate Bank fell nearly 3 per cent in early trade on Bombay Stock Exchange (BSE) after the bank fixed minimum Issue Price at Rs. 88.36 for the proposed issue of equity shares to Government of India by way of preferential allotment.

"Following the board's approval for issue of equity shares of face value of Rs. 10 each for cash at such aggregating to Rs. 200.00 Crore on preferential basis to Government of India, the bank has fixed minimum Issue Price at Rs. 88.36 for the proposed issue of equity shares to Government of India by way of preferential allotment," Syndicate Bank said in a filing to Bombay Stock Exchange.

In line with benchmark indices, shares of bank declined as much as 2.72 per cent to trade at Rs 87.00 a piece on the BSE.

In a similar fashion, shares of the company slipped 1.01 per cent 88.55 a piece on National Stock Exchange.

Meanwhile, the broader benchmark Sensex was quoting at 20,808.39, down 117.22 points or 0.56 per cent at 10:10 hours.

Read more about: syndicate bank
Story first published: Friday, December 13, 2013, 13:09 [IST]
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