Federal Bank gains on raising Rs 3,099 crore through QIP route
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The Federal Bank is currently trading at Rs. 133.05, up by 0.40 points or 0.30% from its previous closing of Rs. 132.65 on the BSE.
The scrip opened at Rs. 133.40 and has touched a high and low of Rs. 133.70 and Rs. 132.70 respectively. So far 75045 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 143.35 on 16-Jan-2023 and a 52 week low of Rs. 104.65 on 27-Jul-2022.
Last one week high and low of the scrip stood at Rs. 139.00 and Rs. 131.75 respectively. The current market cap of the company is Rs. 31154.73 crore.
The Institutions and Non-Institutions held 68.55% and 31.45% stake respectively in the company.
Federal Bank has raised Rs 3,099 crore through qualified institutional placement (QIP) route to fund business growth. The board approved the allotment of 23.04 crore shares with a face value Rs 2 each to eligible qualified institutional buyers at an issue price of Rs 131.90 per unit, including a premium of Rs 129.90 per share, reflecting a discount of Rs 0.69 (0.52 per cent) on the floor price of Rs 132.59.
Following the allotment of shares, the paid-up equity share capital of the bank stands increased from Rs 4,23,63,28,436 crore - comprising 2,11,81,64,218 shares - to Rs 4,697,283,704 crore, consisting of 2,348,641,852 shares.
Federal Bank is a major Indian commercial bank in the private sector headquartered at Aluva, Kerala having more than thousand branches and ATMs spread across different States in India. It offers personal, corporate, NRI, SME banking, online banking services to its customers.
