India's Federal Bank gets approval to raise $124m from IFC

Photo: Reuters

Private lender Federal Bank on Wednesday said its board has approved raising Rs 916 crore through issue of equity shares to the International Finance Corporation ( IFC) and its affiliates.

“…The Board has approved issuance of up to 104,846,394 equity shares of
face value of Re. 2/- each (Equity Shares) to IFC, IFC Financial
Institutions Growth Fund, LP, “FIG”) and IFC Emerging Asia Fund, LP (“EAF”),” Federal Bank said in a regulatory filing.

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