 "Federal Bank raises Rs 959 cr from IFC via preferential issue of shares")
India's Federal Bank has raised 9.59 billion Indian rupees ($116.92 million) via preferential issues of shares to the International Finance Corporation (IFC), a member of the World Bank Group.
The shares were issued at a price of 131.91 per share and were approved by the board on Friday, the bank said in a notification to exchanges.
Post the acquisition, IFC and related entities will hold equity of nearly 8% in the bank.
Separately, the bank's board also approved the raising of 80 billion rupees via the issue of debt instruments, it said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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