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FedBank Financial services gets board approval for IPO

January 13, 2022

FedBank Financial services gets board approval for IPO

Federal Bank subsidiary Fedbank Financial Services Ltd (FedFina) has initiated the process of an initial public offering (IPO), the bank said on Tuesday.

The directorate of the bank FedFina in a meeting on January 11, 2022, has supported starting the course of an initial public offering (IPO) via new issue and make offer for sale, Federal Bank said in a regulatory filing.

The board endorsement is likely to economic situations and receipt of applicable approvals, including that of Sebi and different considerations, it said.

“The size of the IPO, piece of a proposal available to be purchased (assuming any), cost and other details regarding the proposed IPO by FedFina not entirely settled at the appropriate time.

“Post the endeavor of the proposed IPO, FedFina would keep on being a subsidiary of our bank, ” the lender said.

Portions of Federal Bank shut at ₹96.50 each on BSE, up by 1.05 percent from its past close.

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