Federal Bank has planned to sell 59 lakh equity shares held in Equirus Capital (ECPL), Associate Company of the Bank. The Bank had sold 11.50 lakh equity shares of ECPL earlier in the current financial year. With this sale, the Bank would be selling a total of 9.81% (i.e. 70.50 lakh shares) of the paid-up equity share capital of ECPL on a fully diluted basis. Pursuant to the stake sale, ECPL will no longer be an Associate of the Bank.
The Board of Directors of the Bank at its meeting held on October 10, 2024 has decided 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.
