Syndicate Bank (BSE:532276) announced a private placement of common shares for gross proceeds of INR 16,030,000,000 with existing investor India on February 19, 2019. The company will issue shares on preferential basis. The company will receive the funding as a part of recapitalization. The transaction was conveyed by the Ministry of Finance, Department of Financial Services vide notification number: 7/23/2019raoA-l. The transaction is expected to close during the financial year 2018-2019.