IFC gets approval from RBI to raise stake in Federal Bank to 9.7%

The International Finance Corporation (IFC) has received approval from the Reserve Bank of India (RBI) to increase its stake in Federal Bank to 9.70 per cent.

"Pursuant to Regulation 30 of Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, we wish to inform you that The Federal Bank Ltd ('Bank') has received an intimation from the Reserve Bank of India ('RBI') on September 28, 2023, that it has accorded its approval to International Finance Corporation (IFC) for acquiring an aggregate holding of up to 9.70 per cent of the paid-up share capital or voting rights of the Bank, subject to the conditions specified therein," according to an exchange filing on Friday.

IFC currently holds a 1.34 per cent stake in the bank.

On September 21, HDFC Asset Management Company (AMC) received approval to increase its stake in Federal Bank to 9.50 per cent.

At 3:15 p.m., Federal Bank traded 0.86 per cent up at Rs 147.25 on the National Stock Exchange on Friday.