Federal Bank’s arm gets board approval for IPO

Federal Bank’s subsidiary — Fedbank Financial Services (FedFina) has initiated the process of an initial public offering (IPO). The board of directors of the bank FedFina in a meeting on January 11, 2022, has approved initiating the process of an IPO by way of fresh issue and offer for sale. The board approval is subject to market conditions and receipt of applicable approvals, including that of Sebi and other considerations. The size of the IPO, portion of an offer for sale (if any), price and other details with respect to the proposed IPO by FedFina will be determined in due course.

Federal Bank is a major Indian commercial bank in the private sector headquartered at Aluva, Kerala having more than thousand branches and ATMs spread across different States in India. It offers personal, corporate, NRI, SME banking, online banking services to its customers.

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