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Federal Bank gets nod to raise Rs 2500 crore

Federal Bank has received its board’s approval for raising of equity capital up to an aggregate amount of Rs 2500 crore including premium if any, through Qualified Institutional Placement (QIP), Rights Issue, Private Placement, Preferential Issue, Public issue/Follow on Public Offering (FPO), Global Depository Receipts (GDR), American Depository Receipts(ADR) or through any other permissible mode or a combination.

The Bank has also decided to increase the sub-limit ceiling on total holdings of FII/FPIs through primary or secondary market route, up to an aggregate limit of 74% of the paid-up share capital of the Bank. Further, the board has decided to seek the approval of Shareholders through Postal Ballot for the above proposals.

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