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Stake Sale
Syndicate Bank approves issue of shares worth Rs. 200 crore to Government of India
Posted On : 2013-12-08 02:55:01( TIMEZONE : IST )
The Board of Directors of Syndicate Bank at its meeting held December 03, 2013, has considered and approved the issue of equity shares of the face value of Rs. 10/- each aggregating to Rs. 200.00 Crore (Rupees Two hundred Crore only) on preferential basis to Government of India. The Board of Directors of the Bank has constituted a Committee of Directors and delegated powers to the committee to create, offer, issue and allot equity shares of face value of Rs. 10/- each for cash at such price as may be determined in accordance with Regulation 76 (1) of SEBI ICDR Regulations aggregating to Rs. 200.00 Crore on preferential basis to Government of India on receipt of funds from them.
The comittee is authorized to take necessary steps for convening an Extraordinary General Meeting (EGM) of Shareholders for obtaining their consent in respect of aforesaid proposal of issue of Equity Shares on preferential basis pursuant to Regulation 57 of SyndicateBank (Shares & Meetings) Regulations 1998, to decide time, date and place of the EGM, to approve EGM Notice to be issued to the shareholders and to fix the "Relevant Date" in accordance with SEBI(ICDR) Regulations.
The committee will finalize the Issue Price in accordance with SEBI (ICDR) Regulations and determine the number of shares to be issued to Government of India on a preferential basis and take such actions / decisions as may be necessary for implementing the aforesaid decision of the Board.
The committee is also authorized to take necessary steps for getting the aforesaid shares listed on the Stock Exchanges where the Bank's Shares are already listed and to comply with all the necessary applicable statutory rules and regulations in this respect, and to do all such things / acts which are necessary or incidental for giving effect to the said decision of the Board.
Shares of Syndicate Bank was last trading BSE at Rs.88.75, down by Rs.0.10 or 0.11%. The stock hit an intraday high of Rs.89.90 and intraday low of Rs.88.10.
The total traded quantity was 1.61 lakh shares as compared to 2 week average of 2.48 lakh shares.
