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Federal Bank gets board approval to raise up to Rs 700 cr through bonds

Federal Bank on Wednesday said it has received approval from its board of directors to raise up to Rs 700 crore by issuing bonds on a private placement basis

Federal Bank | Bonds

Press Trust of India  |  New Delhi 

Federal Bank net profit up 18%

on Wednesday said it has received approval from its board of directors to raise up to Rs 700 crore by issuing on a private placement basis.

The board of directors of the bank at its meeting held on Wednesday has approved the issuance of unsecured Basel-III tier-II subordinate in the nature of debentures, amounting up to Rs 700 on a private placement basis, said in a regulatory filing.

The will be allotted to certain eligible investors permitted to invest in NCDs under the applicable laws, it added.

The south-based lender didn't elaborate on how it will use the proceeds from this fundraise.

stock traded at Rs 98 on BSE, up by 1.55 per cent over previous close.

(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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First Published: Wed, January 12 2022. 15:21 IST