Federal Bank has filed an application with Foreign Investment Promotion Board (FIPB) for increasing the foreign shareholding limit to 65%.
The foreign shareholding in the bank (through FII/ NRI/ PIO/ FDI/ ADR/ GDRs) has crossed the overall limit of 49%.
As a result, no further purchases of shares by foreign investors in the private sector lender is allowed.
Shares of Federal Bank were trading at Rs 290, up 1.6% on BSE.
