Syndicate Bank drops FPO, to raise funds through QIP

With reference to the earlier announcement dated May 21, 2007 regarding the Board's decision to raise capital through follow on public offer, Syndicate Bank has announced that the Board of Directors of the Bank in its meeting held on January 29, 2008 has further decided to issue 8,00,00,000 (8 Crore) equity shares of Rs 10/- each through Qualified Institutional Placement (QIP) in lieu of Follow on Public Offer, subject to statutory and other necessary approvals.

The stock was trading at Rs.94.90, down by Rs.0.85 or 0.89%. The stock hit an intraday high of Rs.95.50 and low of Rs.90.

The total traded quantity was 95029 compared to 2 week average of 247758.

Source : Equity Bulls

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