Federal Bank fixes floor price of Rs 132.59 per equity share for QIP

Private sector lender Federal Bank on Wednesday said the board has a fixed floor price of Rs 132.59 per equity share for its proposed Qualified Institutional Placement (QIP).

Pursuant to regulation, the bank may at its discretion offer a discount of not more than 5 per cent on the floor price calculated for the issue, Federal Bank said in a regulatory filing.

The bank had posted a 42 per cent rise in net profit at Rs 1,147 crore for the June quarter as against Rs 807 crore in the year-ago period.

Total income in the first quarter of the current fiscal rose to Rs 5,757 crore from Rs 4,081 crore in the same period a year ago.