The Federal Bank Limited to invest Rs. 148 crore in Fedbank Financial Services Ltd

The Board of directors of The Federal Bank Limited has approved an investment of Rs.148,00,01,110/-(Rupees One hundred Forty Eight Crores and One Thousand One Hundred and Ten Only) in subsidiary - Fedbank Financial Services Limited (FFSL) through rights issue at Rs.70 per share (FV Rs.10 + Premium Rs.60). Objective of the Rights issue is to infuse regulatory capital in the firm. This is more than 5% of the Post issue Paid up Capital of FFSL.

Shares of FEDERAL BANK LTD. was last trading in BSE at Rs.81.65 as compared to the previous close of Rs. 79.7. The total number of shares traded during the day was 5309918 in over 14258 trades.

The stock hit an intraday high of Rs. 83.45 and intraday low of 77.65. The net turnover during the day was Rs. 430090418.

Source : Equity Bulls

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