The Federal Bank wins in the board of directors to think about a fundraiser on June 30

Federal Bank rose 1.29% to Rs 90.50 after the bank said its board would consider raising funds on Thursday, June 30, 2022.

The bank plans to raise funds either through rights issue, private placement, preferential issue, new public offering (FPO), qualified institutional placement (QIP), global certificates of deposit (GDR), American certificates of deposit (ADR), bonds convertible into foreign currencies (FCCB) or by any other authorized method or a combination thereof, as well as to determine the amount of the issue, as the case may be.

The private lender has declared that borrowing/raising funds in Indian currency or any other permitted foreign currency through issuances of debt securities, including but not limited to additional Tier I bonds (AT1 Bonds), Tier II Bonds, Long Term Bonds (Infrastructure and Affordable Housing Bonds), Masala Bonds, Green Bonds, Non-Convertible Debentures or any other debt securities that may be permitted by RBI from time on the other, in the domestic market and/or in the foreign market, on a private placement basis within the overall borrowing limits of the bank.

The board will also consider calling a general meeting to seek shareholder approval of the aforementioned fundraising proposals, as needed, the bank said.

The Federal Bank has 1282 branches, 1885 ATMs/recyclers as of March 31, 2022. The Bank also has its representative offices in Abu Dhabi and Dubai and an IFSC banking unit (IBU) in Gujarat International Finance Tec-City (GIFT City).

The private lender’s standalone net profit increased by 13.13% to Rs 540.54 crore on a 2.72% increase in total revenue to Rs 3948.24 crore in Q4 FY22 compared to Q4 FY21.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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