Federal Bank to raise Rs.916-Cr from IFC via preferential allotment

Aluva, Kerala-based, publicly listed Federal Bank is to raise INR 916.25 crore via an issue of shares to World Bank arm International Finance Corporation (IFC). It will allot 1.08 crore shares at INR 87.39 apiece to IFC, IFC Financial Institutions Growth Fund, LP and IFC Emerging Asia Fund, LP. The bank's board has also decided to raise up to INR 12,000 crore by issuing various instruments, including INR 4,000 crore as equity.