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Federal Bank launches Rs 2000 cr share sale to institutions

Citi, Deutsche Bank, IIFL Holdings and Kotak Mahindra Capital are the banks on the deal

Reuters  |  Mumbai 

Indian private sector lender Federal Bank Ltd has launched a share sale to raise Rs 2,000 crore, with an option to increase the amount by Rs 500 crore, according to a deal term sheet. Federal Bank said in a regulatory filing on Wednesday that it had launched a so-called qualified institutions placement of shares but did not give details. The bank is selling new shares in a price range of Rs 111.50 to Rs 116.70, equivalent to a 4.5 per cent discount to the stock's close on Wednesday at the bottom of the range. Citi, Deutsche Bank, IIFL Holdings and Kotak Mahindra ...

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First Published: Wed, June 21 2017. 20:13 IST