 "Federal Bank net profit up 18%")
Shares of Federal Bank on Monday gained over two per cent after its subsidiary Fedbank Financial Services Ltd (FedFina) filed preliminary papers with markets regulator Sebi to raise funds through an initial public offering (IPO).
On the BSE, the shares closed with a gain of 1.89 per cent, at Rs 99.75 apiece.
It was trading at Rs 101.8 during the day.
On the National Stock Exchange (NSE), the shares closed at Rs 99.9 apiece, a 2.04 per cent higher over the previous close.
It touched an intra-day high of Rs 101.85 during the trading session.
FedFina has filed preliminary papers with markets regulator Sebi to raise funds through an IPO, Federal Bank said in a regulatory filing.
The public issue consists of a fresh issue aggregating up to Rs 900 crore and an offer-for-sale (OFS) of up to 45,714,286 equity shares by promoter and investor, according to the draft red herring prospectus (DRHP).
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