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With GRD issue, net worth exceeds Rs 1,200 cr

Mr M. Venugopalan

Kochi , March 30

Marking the culmination of the Rs 350-crore GDR issue of Federal Bank, Mr Hugh Sandeman, Head of Business Development for India, London Stock Exchange, handed over a plaque in evidence of the bank's listing on the LSE.

Accepting the plaque, Mr M. Venugopalan, Chairman and CEO, Federal Bank, said the increase in net worth and capital to risk-weighted assets ratio (CRAR) would enable the bank to achieve greater heights of growth in the coming years. By issuing 20 million global depository receipts, Federal Bank was the first among the traditional private sector banks to go for an international listing.

The GDRs, each representing one underlying equity share, were priced at $ 3.97 each, equivalent to approximately Rs 175 per share, and is listed on the Professional Securities Market of the London Stock Exchange under the name FEDERAL BK S (code FEDS).

With this issue, the net worth of the bank has crossed Rs 1,200 crore and the bank is poised to have a CRAR of over 13 per cent, complying with the Basel II norms on market risks.

The bank, which has opened 11 new branches during the past two months, plans to take the branch network to 472 by March end, with the opening of five more branches.

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