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.

The decision was taken by the board of directors at its meeting held on June 16, 2021. The transaction is subject to regulatory approvals.

The bank also seeks to raise up to Rs 4,000 crore either through rights issue, private placement, qualified institutions placement (QIP), preferential issue or follow on public offer, GDR, ADR or foreign currency convertible bonds or through any other permissible mode or a combination.

It is also seeking shareholders’ approval for raising up to Rs 8,000 crore through tier I, tier II, and long term bonds, masala bonds or other debt securities.

Headquartered at Aluva Kerala, Federal Bank operates in four segments: treasury operations wholesale banking retail banking and other banking operations.The bank has 1272 branches 1948 ATMs and cash recyclers as on 31 December 2020.

 

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.