Federal Bank has raised Rs 300 crore through bonds. The Bank’s board has approved the allotment of 1,000 rated, unsecured, redeemable, non-convertible, Basel III compliant lower tier II subordinated bonds with an option to retain oversubscription of up to 2,000 bonds aggregating to Rs 300 crore on private placement basis.
The credit investment and raising capital committee of the bank at its meeting held on June 20, 2019 has approved the allotment for 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.
