Federal Bank applies for hike in FII limit to 65%: Report

Federal Bank, a Kerala-based lender has reportedly filed an application with Foreign Investment Promotion Board for raising the foreign shareholding limit to 65%. The foreign shareholding in the bank has already crossed the overall limit of 49%, so the further purchase of shares by foreign investors is not allowed.

On standalone basis, the bank has posted a fall of 44.49% in its net profit at Rs 105.66 crore for the quarter ended June 30, 2013 as compared to Rs 190.35 crore for the same quarter in the previous year. However, total income has increased by 12.52% at Rs 1869.05 crore for quarter under review as compared to Rs 1661.04 crore for the quarter ended June 30, 2012.