Federal Bank gains ahead of fixing issue price for QIP

Federal Bank rose 1.93% to Rs 119.10 at 9:48 IST on BSE after the bank said its committee will meet on or after 27 June 2017 to consider the issue price of qualified institutional placement.

The announcement was made after market hours yesterday, 21 June 2017.

Meanwhile, the S&P BSE Sensex was up 112.12 points or 0.36% at 31,395.76.

On the BSE, 2.16 lakh shares were traded on the counter so far as against the average daily volumes of 10.40 lakh shares in the past one quarter. The stock had hit a high of Rs 119.50 and a low of Rs 117.50 so far during the day. The stock had hit a record high of Rs 122.40 on 16 June 2017 and a 52-week low of Rs 52 on 24 June 2016.

 

The stock had outperformed the market over the past one month till 21 June 2017, advancing 3.96% compared with the Sensex's 2.69% rise. The stock had also outperformed the market over the past one quarter, gaining 31.59% as against the Sensex's 6.1% rise. The scrip had also outperformed the market over the past one year, surging 106.08% as against the Sensex's 16.67% rise.

The large-cap bank has equity capital of Rs 345.35 crore. Face value per share is Rs 2.

Federal Bank said that a committee meeting will be held on or after 27 June 2017 to consider the issue price of qualified institutional placement (QIP). The QIP opened on 21 June 2017 and floor price of Rs 117.04 per share has been fixed.

Federal Bank's net profit surged 2400.9% to Rs 256.59 crore on 14.8% growth in total income to Rs 2598.06 crore in Q4 March 2017 over Q4 March 2016.

Federal Bank is one of the leading private sector banks in India.

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