HYDERABAD: Syndicate BankBSE -5.27 % today said it is mulling raising Rs 1,500 crore as equity capital soon to meet its business needs, while logging a 50.38 per cent growth in net profit at Rs 508.49 crore for the third quarter ended December 31, 2012.
"We have the Board approval to raise Rs 1,500 crore by tapping alternate markets. It will be either QIP placement route or by the Rights Issue. The capital is to support our growing requirements," said M G Sanghvi, Chairman and Managing Director, Syndicate Bank."As the Board has given its approval, to the extent possible we would like to do before March (this year) subject to approvals of Reserve Bank of India andGovernment of India," he added
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