The Board of Directors of the bank Fedfina in a meeting held on January 11, 2022, has approved the initiation of the process of an Initial Public Offering (IPO) through fresh issue and offer for sale, Federal Bank said in a regulatory filing. (PTI)
Board approval is subject to market conditions and receipt of applicable approvals, including those from SEBI and other considerations.
- PTI New Delhi
- Last Update:11 January 2022, 10:34 PM IST
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FedBank Financial Services Ltd (Fedfina), a subsidiary of Federal Bank, has started the process of an initial public offering (IPO), the bank said on Tuesday. The Board of Directors of the bank Fedfina in a meeting held on January 11, 2022, has approved the initiation of the process of an Initial Public Offering (IPO) through fresh issue and offer for sale, Federal Bank said in a regulatory filing.
The board’s approval is subject to market conditions and receipt of applicable approvals, including those from SEBI and other considerations, it said. “The size of the IPO, part of the offer for sale (if any), price and other details in respect of the IPO proposed by Fedfina will be determined in due course.
“After undertaking the proposed IPO, Fedfina will continue to be a subsidiary of our bank,” the lender said. Shares of Federal Bank closed at Rs 96.50 on BSE, up 1.05 per cent from its previous close.
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