Federal Bank Raises Capital

KOCHI:
Qualified Institutions Placement (QIP) Oversubscribed More than Twice Federal Bank has been growing consistently in the past several years. For fuelling the growth aspirations of the Bank and to fall in line with the capital adequacy requirements which BASEL III norms would entail, well ahead of time, the Bank undertook a capital raise exercise recently. The activity which began with a targeted subscription of Rs 2,500 crores, was subscribed more than two times of the targeted figures. Qualified institutional investors, both domestic and international, took part in the process and participated in the placement with vigor. This includes investment by around 20 new marquee investors. This fresh capital affords the Bank a very strong platform to operate, flourish and to reach out to its ambitious business objectives.
“We are greatly encouraged by the enthusiastic support from a cross-section of investors, both domestic and international. It signifies the confidence that the investor community has placed on us and increases our responsibility towards consistent and continued high quality performance”, said Shyam Srinivasan, MD & CEO, Federal Bank.