 "Illustration: Ajaya Mohanty")
Federal Bank was up 2.6% to Rs 120 on BSE in intra-day trade after the bank has launched a qualified institutional placement (QIP) offering up to Rs 2,500 crore from institutional investors.
The bank has fixed floor price of Rs 117.04 per share for the QIP. Shares of Federal Bank closed at Rs 116.85 yesterday.
The bank plans to use the proceeds of the share sale to grow its loan book. The bank stated that it intends to use the net proceeds towards augmenting their Tier I capital to support growth plans and to enhance the business of
The bank has fixed floor price of Rs 117.04 per share for the QIP. Shares of Federal Bank closed at Rs 116.85 yesterday.
The bank plans to use the proceeds of the share sale to grow its loan book. The bank stated that it intends to use the net proceeds towards augmenting their Tier I capital to support growth plans and to enhance the business of
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