89th Annual General Meeting of Federal Bank Conducted

Eighty ninth Annual General Meeting of shareholders of Federal Bank was conducted over video conferencing on July 17, 2020. The meeting which was presided over by Bank's Chairperson Ms. Grace Koshie and joined by other directors and shareholders of the Bank.

Approval of shareholders was sought for adopting audited financial statements of FY 2019-20 and other resolutions like raising funds to the tune of Rs. 8,000 crore through issue of bonds or other debt securities, raising Tier I capital not exceeding Rs. 4,000 crore and increasing authorized share capital of the Bank from Rupees five hundred crore to Rupees eight hundred crore. Approval was also sought for alteration of object clauses of Memorandum of Association, appointment of Joint Statutory Central Auditors, taking appointment of Ms. Grace Koshie as Part Time Chairperson on record, reappointment of Mr. Shyam Srinivasan as MD & CEO and Mr. Ashutosh Khajuria as Executive Director and appointment of Ms. Grace Koshie as Non-Executive Non-Independent Director, Mr. Sudarshan Sen as Independent Director and Ms. Shalini Warrier as Executive Director of the Bank.

While addressing shareholders, Ms. Grace Koshie spoke of the Bank's pursuit towards becoming First Choice bank of the country for everyone. She also mentioned how the Bank proposes to up the game at all levels to become the most dependable partner for all stakeholders. In his speech during the meeting, Mr. Shyam Srinivasan, MD & CEO recounted the success of the Bank in the areas of sustainable growth, creation of new revenue streams, digital innovations and HR practices in the last financial year. He reiterated the Bank's goal to be the numero uno player, well differentiated from rest of the competition.

Shares of FEDERAL BANK LTD. was last trading in BSE at Rs.52.1 as compared to the previous close of Rs. 52.05. The total number of shares traded during the day was 2245868 in over 6752 trades.

The stock hit an intraday high of Rs. 53.5 and intraday low of 51.2. The net turnover during the day was Rs. 117168633.

Source : Equity Bulls

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