Private sector Federal Bank plans to raise up to Rs 4,000 crore by issuing various debt securities in tranches from domestic and overseas markets. The bank said it will seek approval of the shareholders for the fund raise plan at its forthcoming annual general meeting. The board of directors of the bank have approved the proposal and nod from the shareholders is pending.
The bank said it will seek shareholders’ approval for “raising funds by way of issuance of debt securities including but not limited to non-convertible debentures, tier II bonds, long term bonds (infrastructure and affordable housing), masala bonds, green bonds up to Rs 4,000 crore in Indian currency in one or more tranches in domestic/overseas market on private placement.”
The stock of the bank was trading 2.17 per cent up at Rs 115.15 on BSE.