Federal Bank raises Rs 959 cr from IFC via preferential issue of shares
The Federal Bank of India raised 9.59 billion Indian rupees ($116.92 million) through the issuance of preference shares to the International Finance Corporation (IFC), a member of the World Bank Group.
The bank said in a notice to the exchanges that the shares were issued at a price of 131.91 per share and approved by the board of directors on Friday.
After the acquisition, IFC and its related entities will own approximately 8% in the bank.
Separately, the bank’s board of directors also agreed to raise 80 billion rupees through the issuance of debt instruments.
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First published: July 21, 2023 | 12:48 p.m ist