Federal Bank raises ₹3,099 crore via qualified institutional placement
Jul 25, 2023, 15:53 IST
Private sector lender Federal Bank on Tuesday said it has raised ₹ 3,099 crore through qualified institutional placement route to fund business growth. The board approved the allotment of 23.04 crore shares with a face value ₹ 2 each to eligible qualified institutional buyers at an issue price of ₹ 131.90 per unit, including a premium of ₹ 129.90 per share, reflecting a discount of ₹ 0.69 (0.52%) on the floor price of ₹ 132.59, Federal Bank said in a regulatory filing.
Last week, the board had fixed a floor price of ₹ 132.59 per equity share for the Qualified Institutional Placement (QIP).
Following the allotment of shares, the paid-up equity share capital of the bank stands increased from ₹ 4,23,63,28,436 crore - comprising 2,11,81,64,218 shares - to ₹ 4,697,283,704 crore, consisting of 2,348,641,852 shares, it said.
The bank had posted a 42% rise in net profit at ₹ 1,147 crore for the June quarter, as against ₹ 807 crore in the year-ago period.
The total income in the first quarter of the current fiscal rose to ₹ 5,757 crore, from ₹ 4,081 crore in the same period a year ago.
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Last week, the board had fixed a floor price of ₹ 132.59 per equity share for the Qualified Institutional Placement (QIP).
Following the allotment of shares, the paid-up equity share capital of the bank stands increased from ₹ 4,23,63,28,436 crore - comprising 2,11,81,64,218 shares - to ₹ 4,697,283,704 crore, consisting of 2,348,641,852 shares, it said.
The bank had posted a 42% rise in net profit at ₹ 1,147 crore for the June quarter, as against ₹ 807 crore in the year-ago period.
The total income in the first quarter of the current fiscal rose to ₹ 5,757 crore, from ₹ 4,081 crore in the same period a year ago.