Federal Bank jumps after its board approves Rs 916 crore fund raise from IFC
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The Federal Bank is currently trading at Rs. 85.85, up by 0.90 points or 1.06% from its previous closing of Rs. 84.95 on the BSE.
The scrip opened at Rs. 85.00 and has touched a high and low of Rs. 86.45 and Rs. 84.25 respectively. So far 658627 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 92.40 on 04-Mar-2021 and a 52 week low of Rs. 45.40 on 25-Sep-2020.
Last one week high and low of the scrip stood at Rs. 87.65 and Rs. 83.35 respectively. The current market cap of the company is Rs. 17138.10 crore.
The Institutions and Non-Institutions held 67.80% and 32.20%, stake in the bank respectively.
Federal Bank’s board has approved issuing equity shares to World Bank arm International Finance Corporation (IFC) and associates for over Rs 916.25 crore.
Equity shares up to 104,846,394 at a price of Rs 87.39 each aggregating to approximately Rs 916.25 crore are proposed to be allotted to IFC, IFC Financial Institutions Growth Fund, LP (FIG) and IFC Emerging Asia Fund, LP (EAF). Under this, the bank has proposed to issue 31,453,918 shares to IFC; 36,696,238 shares each to FIG and EAF. There are three investors who are being issued equity shares pursuant to preferential allotment. The decision was taken by the board of directors at its meeting held on June 16, 2021.
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.
