Federal Bank has raised Rs 2,500 crore through qualified institutional placement (QIP) route to fund its expansion plan. The board has approved the issue price of Rs 116 per share (including a premium of Rs 114), which is at a discount of 0.89% to the floor price of Rs 117.04 per share determined as per the formula prescribed by SEBI.
Federal Bank is a major Indian commercial bank in the private sector headquartered at Aluva, Kerala having more than thousand branches and ATMs spread across different States in India. It offers personal, corporate, NRI, SME banking, online banking services to its customers.