Fedbank Financial Services, a subsidiary of the Federal Bank, obtains board approval for its IPO

The Federal Bank’s subsidiary Fedbank Financial Services Ltd (FedFina) has started the process of an initial public offering (IPO), the bank said on Tuesday.

The board of directors of the FedFina bank, during a meeting on January 11, 2022, approved the launch of the initial public offer (IPO) process through a new issue and a sale offer, the Federal Bank said in a regulatory filing.

Board approval is subject to market conditions and receipt of applicable approvals including that of Sebi and other considerations, he said.

“The size of the IPO, part of an offer to sell (if any), price and other details regarding the IPO offered by FedFina will be determined in due course.

“After the initiation of the proposed IPO, FedFina would continue to be a subsidiary of our bank,” said the lender.

Federal Bank shares closed at 96.50 rupees each on BSE, up 1.05% from its previous close.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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