Federal Bank to form subsidiary in Dubai International Finance Centre

Federal Bank Ltd has announced that the Board of Directors of the Bank at its meeting held on May 18, 2007, inter alia, has decided in principle to establish a wholly-owned subsidiary Company in Dubai International Finance Centre subject to regulatory approvals from Reserve Bank of India and other regulatory authorities.

The stock closed the day at Rs.278.25, up by Rs.7.95 or 2.94%. The total traded quantity was 125248 compared to 2 week average of 174920. The stock hit an intraday high of Rs.283 and low of Rs.268.95.

Source : Equity Bulls

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