Federal Bank to issue 2cr shares for GDRs

The board of directors of Federal Bank approved a proposal to issue up to two crore shares of Rs 10 each for its global depository receipts (GDRs) offering. This was announced in a release issued by the bank to the BSE today.

"The GDRs will be listed on a stock exchange outside India, and the price will be determined later in accordance with all applicable rules and regulations," the release added.