Federal Bank seeks nod to hike FII limit to 65%
Foreign shareholding in bank has crossed overall limit of 49%
Federal Bank has filed an application with Foreign Investment Promotion Board (FIPB) for increasing the foreign shareholding limit to 65%.
The foreign shareholding in the bank (through FII/ NRI/ PIO/ FDI/ ADR/ GDRs) has crossed the overall limit of 49%.
As a result, no further purchases of shares by foreign investors in the private sector lender is allowed.
Shares of Federal Bank were trading at Rs 290, up 1.6% on BSE.
The foreign shareholding in the bank (through FII/ NRI/ PIO/ FDI/ ADR/ GDRs) has crossed the overall limit of 49%.
As a result, no further purchases of shares by foreign investors in the private sector lender is allowed.
Shares of Federal Bank were trading at Rs 290, up 1.6% on BSE.
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First Published: Aug 26 2013 | 2:21 PM IST