Federal Bank board approves Rs 148 crore rights issue subscription of FFSL

By: |
May 19, 2021 12:20 AM

FFSL is a non-deposit taking systemically important NBFC, which acquired the Reserve Bank of India’s licence in 2010. It was incorporated on April 17, 1995. Federal Bank holds 74% stake in the NBFC, which had a turnover of Rs 697.22 crore in 2020-21.

The card comes with the lowest annual percentage rate, starting at 5.88% per annum, the bank said.The card comes with the lowest annual percentage rate, starting at 5.88% per annum, the bank said.

Federal Bank said in a regulatory filing on Tuesday that its board has approved an investment of Rs 148 crore in Fedbank Financial Services (FFSL), a subsidiary, through a rights issue.

FFSL is a non-deposit taking systemically important NBFC, which acquired the Reserve Bank of India’s licence in 2010. It was incorporated on April 17, 1995. Federal Bank holds 74% stake in the NBFC, which had a turnover of Rs 697.22 crore in 2020-21.

The objective of the rights issue is to infuse regulatory capital in the firm, and this is more than 5% of the post-issue paid-up capital of FFSL, bank sources said.

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