Federal Bank on Wednesday announced that its board of directors is scheduled to meet on Saturday, 18 March 2023 to approve, the proposal to raise funds by way of issue of bonds in the nature of debentures upto Rs 1,000 crore.
The bank's board will consider raising of funds by issuance of unsecured Basel III Tier-II subordinate bonds in the nature of debentures amounting upto Rs 1000 crore, on a private placement basis.Federal Bank operates through four segments: treasury, corporate or wholesale banking, retail banking and other banking operations. The bank has 1333 branches and 1894 ATMs/recyclers as on 31 December 2022.
The private bank posted a 54.03% jump in standalone net profit to Rs 803.61 crore on a 26.5% increase in total income to Rs 4,967.25 in Q3 FY23 over Q3 FY22.
The scrip declined 1.38% to currently trade at Rs 124.85 on the BSE.
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