Tag: Federal Bank

Federal Bank launches Rs 2,000-cr QIP

Federal Bank launches Rs 2,000-cr QIP

22/06/2017 11:32

South-based Federal Bank said that it has launched a institutional sale of shares, aiming to raise around Rs 2,000 crore or USD 310 million in capital. There is an option to upsize the issue by Rs 500 crore or USD 77 million, sources said.

In a regulatory filing, the bank said its credit committee, and investment and raising capital committee has authorised the opening of the qualified institutional placement (QIP) of shares on June 21.

The floor price has been set at Rs 117.04 per share and it can sell shares at a discount of not more than 5 per cent, it said in the filing.

Investment banking sources put the indicative price band of the share sale at between Rs 111.50 to Rs 116.70.

The bank is looking at issuing between 214.2 million to 224.2 million shares in the issue.

The bank scrip shed 1.81 per cent to close at Rs 116.85 at the BSE, as against a 0.04 per cent correction in the benchmark.

German lender Deutsche Bank, Kotak Mahindra Capital and IIFL Holdings are bankers to the issue.

Meanwhile, shares of the Bank were trading at Rs 118.20 apiece, up 1.16 per cent from the previous close at 11:0 hours on BSE.

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Federal Bank plans Rs 4k cr fund raise from home & foreign market

Federal Bank plans Rs 4k cr fund raise from home & foreign market

07/06/2017 16:02

Federal Bank plans to raise up to Rs 4,000 crore by issuing various debt securities in tranches from domestic and overseas markets, reported PTI.

The bank said it will seek approval of the shareholders for the fund raise plan at its forthcoming annual general meeting.

The board of directors of the bank have approved the proposal and nod from the shareholders is pending.

The bank said it will seek shareholders’ approval for “raising of funds by way of issuance of debt securities including but not limited to non-convertible debentures, tier II bonds, long term bonds (infrastructure and affordable housing), masala bonds, green bonds up to Rs 4,000 crore in Indian currency in one or more tranches in domestic/overseas market on private placement.”

Federal Bank dips over 2 pct on weak Q4 results

Federal Bank dips over 2 pct on weak Q4 results

02/05/2016 11:27

Shares of Federal Bank fell by over 2 per cent on Bombay Stock Exchange (BSE) on posting a 96 per cent decline in net profit to Rs 10 crore for the fourth quarter ended March 31, owing to higher provisioning.

Meanwhile, the bank posted a net profit of Rs 280 crore in the same period last year. Total income during January-March jumped to Rs 2,253 crore, from Rs 2,214 crore in the year-ago period.

According to the company’s balance sheet, its provisions rose to Rs 389 crore in January-March, from Rs 40 crore in the same period of the 2014-15 financial year. For the full financial year, profit sharply declined to Rs 486 crore, from Rs 1058 crore in 2014-15 financial year.

Following the development, shares of the bank dropped 2.29 per cent to Rs 44.90 a piece on Bombay Stock Exchange.

Shares of the bank dipped 2.29 per cent to Rs 44.80 a piece on National Stock Exchange.

Meanwhile, the broader benchmark BSE Sensex was trading at 25,378.12, down 228.50 points, or 0.89 per cent at 11.14 hours.