Federal Bank arm Fedbank Financial Services gets board approval for IPO

Federal Bank arm Fedbank Financial Services gets board approval for IPO

The size of the IPO, portion of an offer for sale (if any), price and other details with respect to the proposed IPO by FedFina will be determined in due course.

Federal Bank subsidiary Fedbank Financial Services Ltd (FedFina) has started the process  of an initial public offering (IPO), the bank said on Tuesday. The board of directors of the bank FedFina in a gathering on January 11, 2022, has endorsed starting the process of an initial public offering (IPO) via new issue and make available for purchase, Federal Bank said in a regulatory filing. The board endorsement is liable to economic situations and receipt of applicable endorsements, including that of Sebi and different considerations, it said.

Post the undertaking of the proposed IPO, FedFina would continue to be a subsidiary of our bank, ” the lender said.

Shares of Federal Bank closed at Rs 96.50 apiece on BSE, up by 1.05 per cent from its previous close.

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