Federal Bank unveils 2:1 bonus issue

The board of Federal Bank recommended a bonus issue to eligible shareholders in the ratio 2:1(two shares for every one held).

ICICI Bank is the single-largest shareholder in the bank with a stake of 20.44 per cent.

The main shareholders in the Alwaye-based bank are mutual funds & UTI 10.39 per cent; banks, financial institutions, insurance companies led by ICICI Bank 22.13 per cent; foreign institutional investors 6.66 per cent; private corporate bodies 11.70 per cent; non-resident Indians (NRIs)/ overseas corporate bodies (OCBs) 1.17 per cent and public 46.86 per cent.

In the fourth quarter ended March 31, 2004, the bank posted a net profit of Rs 23 crore (Rs 22.55 crore in Q4 FY 2002-03). In the financial year ended March 31, 2004, it logged a net profit of Rs 136.30 crore (Rs 105.01 crore).

The board had recommended a dividend of 70 per cent on the equity shares on May 21, 2004, subject to the Reserve Bank of India's approval.

The bank's scrip gained 7.19 per cent on the Bombay Stock Exchange today. It opened at Rs 330.45, touched a high of Rs 363.75 and a low of Rs 338, and closed at Rs 354.20.