The Board of directors of The Federal Bank Limited has approved an investment of Rs.148 Crores in subsidiary - Fedbank Financial Services Limited (FFSL) through rights issue. Objective of the Rights issue is to infuse regulatory capital in the firm. This is more than 5% of the Postissue Paid up Capital of FFSL.
Fedbank Financial Services Ltd is a subsidiary of The Federal Bank Limited (Bank holds 74% stake).
Shares of FEDERAL BANK LTD. was last trading in BSE at Rs.40.7 as compared to the previous close of Rs. 44.45. The total number of shares traded during the day was 1027995 in over 3082 trades.
The stock hit an intraday high of Rs. 44.55 and intraday low of 40.25. The net turnover during the day was Rs. 42666798.