Business Daily from THE HINDU group of publications
Wednesday, January 16, 2008
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Business Daily from THE HINDU group of publications Wednesday, January 16, 2008 |
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News Update as at 18.00 hrs (IST)
Banking & Finance Federal Bank raises over Rs 2,100 cr via rights MUMBAI: Private sector lender Federal Bank raised about Rs 2,125 crore through a rights issue. The issue, which comprised around 8.5 crore shares of Rs 10 each at a premium of Rs 240, was exercised in the ratio of 1:1. The proceeds of the issue will be used to fuel the future expansion plans of the bank as well as to meet the mandatory reserve requirements. In a communiqué to Bombay Stock Exchange the Kerala-based bank said the rights issue closed for subscription yesterday. The capital infusion would enhance the total net worth of the bank to around Rs 4,000 crore. Federal Bank posted a 37.77 per cent rise in its total income for H1 FY08, which stood at Rs 1,334.76 crore as against Rs 968.84 crore in the year-ago period. Operating profits grew to Rs 365.05 crore, during the period, up 44.44 per cent, as compared to Rs 252.74 crore in the corresponding period in the last fiscal. - PTI
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