MoneyWorks4Me

Federal Bank’s arm gets nod to allot 17.40% stake to True North

15 Nov 2018 Evaluate

Federal Bank’s subsidiary company -- Fedbank Financial Services (Fedfina) -- has received an approval for allotment of 40,042,500 equity shares, with face value of Rs 10 each, corresponding to 17.40% of the share capital of Fedfina, to ‘True North Fund VI LLP’ on preferential basis for a total consideration of Rs 1,686,000,000. The Board of Fedbank Financial Services at its meeting held on November 13, 2018, approved the same.

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.

Peers
Company Name CMP
HDFC Bank 692.60
ICICI Bank 1354.00
Axis Bank 1247.00
Kotak Mahindra Bank 438.70
Indusind Bank 865.40
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