For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Syndicate Bank goes slow on fund raising plans: Media Report

By Religare
|

Public-sector lender, Syndicate Bank is going slow on additional capital raising plans as it thinks the present market conditions are not yet favourable, said the media report.

The bank has already got the approval of the Board to raise Rs 1,500 crore through qualified institutional placement (QIP) or through a rights issue to fund its expansion plans, according to Executive Director, M Anjaneya Prasad.

"Though the due diligence for this is complete, we are going slow," Prasad told media.

 

Meanwhile, the bank has introduced the concept of field general managers (FGM) with eight offices across the country that will become operational from November 1.

These offices will be headed by general managers to ensure quicker decisions on development and recovery activities, added the media report.

Besides, the bank was eyeing 18 per cent credit growth this year mostly fueled by expansion of retail and micro small and medium enterprises (MSMEs).

However, the Manipal-head quartered bank reported a flat growth in net profit at Rs 470 crore for the quarter ended September, 2013.

Read more about: syndicate bank
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more