Federal Bank has launched a qualified institutional placement (QIP) to raise Rs 2000 crore, with an option to increase the amount by Rs 500 crore. The bank’s credit committee, and investment & raising capital committee has authorised the opening of the QIP of shares on June 21, 2017. The floor price has been set at Rs 117.04 per share and it can sell shares at a discount of not more than 5%. The bank is looking at issuing between 214.2 million to 224.2 million shares in the issue.
Federal Bank, the private sector bank operates through a branch network of 1,252 branches and 1,524 ATMs spread across the country.