Private lender Federal Bank on Wednesday said its board has approved raising Rs 916 crore through issue of equity shares to the International Finance Corporation ( IFC) and its affiliates.
“…The Board has approved issuance of up to 104,846,394 equity shares of
face value of Re. 2/- each (Equity Shares) to IFC, IFC Financial
Institutions Growth Fund, LP, “FIG”) and IFC Emerging Asia Fund, LP (“EAF”),” Federal Bank said in a regulatory filing.
The decision was taken by the board of directors at its meeting held on June 16, 2021. The transaction is subject to regulatory approvals.
The bank also seeks to raise up to Rs 4,000 crore either through rights issue, private placement, qualified institutions placement (QIP), preferential issue or follow on public offer, GDR, ADR or foreign currency convertible bonds or through any other permissible mode or a combination.
It is also seeking shareholders’ approval for raising up to Rs 8,000 crore through tier I, tier II, and long term bonds, masala bonds or other debt securities.
Headquartered at Aluva Kerala, Federal Bank operates in four segments: treasury operations wholesale banking retail banking and other banking operations.The bank has 1272 branches 1948 ATMs and cash recyclers as on 31 December 2020.