Stocks

Federal Bank fixes QIP price at ₹116/share

| Updated on January 12, 2018 Published on June 27, 2017

Federal Bank has raised ₹2,500 crore through a qualified institutional placement by allotting 21.55 crore shares to investors at a price of ₹116 a share. The allotment price is about 0.9 per cent lower to the floor price of ₹117.04 fixed earlier by the bank. Federal Bank plans to use the proceeds of the share sale to grow its loan book. The bank seems to have received a strong response from both Indian and foreign institutional investors.

Published on June 27, 2017
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