Federal Bank launches $310 million share sale to institutions - term sheet | Reuters

MUMBAI Indian private sector lender Federal Bank Ltd has launched a share sale to raise 20 billion rupees ($310 million), with an option to increase the amount by 5 billion rupees, according to a deal term sheet.Federal Bank said in a regulatory filing on Wednesday it had launched a so-called qualified institutions placement of shares but did not give details. The bank is selling new shares in a price range of 111.50 rupees to 116.70 rupees, equivalent to a 4.5 percent discount to the stock's close on Wednesday at the bottom of the range. Citi, Deutsche Bank, IIFL Holdings and Kotak Mahindra Capital are the banks on the deal.

Reuters June 21, 2017 19:34:23 IST
Federal Bank launches $310 million share sale to institutions - term sheet
| Reuters

Federal Bank launches 310 million share sale to institutions  term sheet
 Reuters

MUMBAI Indian private sector lender Federal Bank Ltd has launched a share sale to raise 20 billion rupees ($310 million), with an option to increase the amount by 5 billion rupees, according to a deal term sheet.Federal Bank said in a regulatory filing on Wednesday it had launched a so-called qualified institutions placement of shares but did not give details.

The bank is selling new shares in a price range of 111.50 rupees to 116.70 rupees, equivalent to a 4.5 percent discount to the stock's close on Wednesday at the bottom of the range.

Citi, Deutsche Bank, IIFL Holdings and Kotak Mahindra Capital are the banks on the deal.

($1 = 64.5250 Indian rupees) (Reporting by S. Anuradha of IFR; writing by Devidutta Tripathy; editing by David Clarke)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date: