Federal Bank jumps on planning to raise Rs 700 crore through Debentures
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Federal Bank is currently trading at Rs. 95.35, up by 4.00 points or 4.38% from its previous closing of Rs. 91.35 on the BSE.
The scrip opened at Rs. 91.55 and has touched a high and low of Rs. 95.90 and Rs. 91.55 respectively. So far 2202620 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 107.65 on 25-Oct-2021 and a 52 week low of Rs. 69.00 on 28-Jan-2021.
Last one week high and low of the scrip stood at Rs. 95.90 and Rs. 83.00 respectively. The current market cap of the company is Rs. 20032.33 crore.
The Institutions holding in the company stood at 68.45%, while Non-Institutions held 31.55%.
Federal Bank is planning to raise funds by way of issue of Unsecured Basel III Tier-II Subordinate Bonds in the nature of Debentures, amounting up to Rs 700 crore on a private placement basis. A meeting of the Board of Directors of the company is scheduled to be held on January 12, 2022, to consider and approve the same.
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.
