Federal Bank raises Rs 2,100 cr via rights issue

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Posted: 2008-01-16 12:14:41+05:30 IST
Updated: Jan 16, 2008 at 1230 hrs IST

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Mumbai, January16:: 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 communique to Bombay Stock Exchange the Kerala-based bank said the rights issue closed for subscription.

The capital infusion would enhance the total networth 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.

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Federal Bank raises Rs 2,100 cr via rights issue

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