Federal Bank subsidiary Fedbank Financial Services Ltd (FedFina) has initiated the process of an initial public offering (IPO), the bank said on Tuesday.
The board of directors of the bank FedFina in a meeting on January 11, 2022, has approved initiating the process of an initial public offering (IPO) by way of fresh issue and offer for sale, Federal Bank said in a regulatory filing.
The board approval is subject to market conditions and receipt of applicable approvals, including that of Sebi and other considerations, it said.
“The size of the IPO, portion of an offer for sale (if any), price and other details with respect to the proposed IPO by FedFina will be determined in due course.
“Post the undertaking of the proposed IPO, FedFina would continue to be a subsidiary of our bank, ” the lender said.
Shares of Federal Bank closed at Rs 96.50 apiece on BSE, up by 1.05 per cent from its previous close.