Public Market

IPO

Federal Bank to divest stake in Fedfina; NBFC arm to launch IPO

Economic Times  

Private sector lender Federal Bank is to divest its stake in wholly-owned subsidiary Fedbank Financial Services (Fedfina). The board of Fedfina, a non-deposit taking and systemically important non-banking finance company (NBFC), has cleared a proposal to float an IPO by way of fresh issue of equity shares and offer for sale. Fedfina, which offers multiple loan products such as loan against property, structured finance and gold loans, has a total loan portfolio INR 4,492 crore at the end of FY22.