Federal Bank board approves Rs 916 crore fund raise from IFC

Federal Bank

Private sector Federal Bank on Wednesday said its board has approved issuing equity shares to World Bank arm International Finance Corporation and associates for over Rs 916.25 crore.

The board also decided to raise up to Rs 4,000 crore by issuing equity shares or other instruments through various modes and Rs 8,000 crore by issuance of debt securities in Indian or foreign currency.

Federal Bank was quoting at Rs 85.40, up Rs 0.45, or 0.53 percent on the BSE.

News Source: Moneycontrol

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