Federal Bank Ltd board to consider fund raising on June 19, 2020

A meeting of the Board of Directors of Federal Bank is scheduled to be held on Friday, June 19, 2020, to consider, the following proposals for raising of equity capital of the Bank either through rights issue, private placement, Preferential Issue, Further Public Offer( "FPO"), Qualified Institutions Placement ("QIP"), Global Depository Receipts ("GDR"), American Depository Receipts ("ADR"), Foreign Currency Convertible Bonds ("FCCB") or through any other permissible mode or a combination thereof, and also for determination of issuance amount, as may be appropriate, subject to shareholders approval as applicable and regulatory, statutory approvals and requirements.

The board will also consider the proposal for borrowing / raising of funds in Indian Currency or any other permitted foreign currency by way of issue debt instruments including but not limited to Additional Tier I bonds (AT1 bonds), Tier II bonds, Long Term Bonds (Infrastructure & Affordable Housing), Masala Bonds, Green bonds, nonconvertible debentures or such other debt securities as may be permitted by RBI from time to time, in domestic market and/or overseas market, on a private placement basis within the overall borrowing limits of the Bank subject to shareholders approval as applicable and regulatory, statutory approvals and requirements.

Shares of FEDERAL BANK LTD. was last trading in BSE at Rs.46.75 as compared to the previous close of Rs. 46.55. The total number of shares traded during the day was 2340035 in over 5668 trades.

The stock hit an intraday high of Rs. 48.75 and intraday low of 45.7. The net turnover during the day was Rs. 110956895.

Source : Equity Bulls

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