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Federal Bank raises Rs 959 crore from IFC via preferential issue
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Federal Bank has raised 9.59 billion Indian rupees ($116.92 million) via preferential issues of shares to the International Finance Corporation (IFC), a member of the World Bank Group. The shares were issued at a price of 131.91 per share and were approved by the board on Friday, the bank said in a notification to exchanges.
Post the acquisition, IFC and related entities will hold equity of nearly 8% in the bank. Separately, the bank's board also approved the raising of 80 billion rupees via the issue of debt instruments, it said.
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