Syndicate plans third public offer

Here is the beginning of my post. And here is the rest of it.Syndicate Bank is planning for its third public offering by the end of this financial year. K Devananda Upadhyaya, the new general manager of the bank’s Kolkata region, said, “We have the approval from the board of directors and are waiting for the clearances from the Reserve Bank of India (RBI) and Sebi.” Although he declined to divulge further details regarding the timeframe, he said the procedure is expected to be completed by the end of this financial year. “Our sources at the bank suggested that the bank is looking to bring down government holding from 66.47 per cent to 57.64 per cent, which implies a dilution of 10 per cent,” he added. The bank’s last issue was in July 2005, when it raised Rs 165 crore. The bank has reported a net profit of Rs 277.6 crore for the quarter ended September 2007 up from Rs 205.1 crore registered a year earlier.