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Federal Bank has received approval from its board for a ₹148 crore capital investment into its subsidiary Fedbank Financial Services (FFSL) through a rights issue. “Objective of the rights issue is to infuse regulatory capital in the firm. This is more than five per cent of the post issue paid-up capital of FFSL,” Federal Bank said in a regulatory filing on Tuesday. At present, Federal Bank holds 74 per cent stake in FFSL. The lender will complete the subscription at ₹70 a share within two months. FFSL is a non deposit taking systemically important NBFC which acquired a license from RBI in 2010. It has an asset size of ₹5,466.30 crore as on March 31, 2021, with a turnover of ₹697.72 crore last fiscal.
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