Federal Bank raises `3,099 cr via QIP route

New Delhi Private sector lender Federal Bank on Tuesday said it has raised Rs3,099 crore through qualified institutional placement route to fund business growth.

The board approved the allotment of 23.04 crore shares with a face value Rs2 each to eligible qualified institutional buyeRsat an issue price of Rs131.90 per unit, including a premium of Rs129.90 per share, reflecting a discount of Rs0.69 (0.52 per cent) on the floor price of Rs132.59, Federal Bank said in a regulatory filing. Last week, the board had fixed a floor price of Rs132.59 per equity share for the Qualified Institutional Placement (QIP). Following the allotment of shares, the paid-up equity share capital of the bank stands increased from Rs4,23,63,28,436 crore — comprising 2,11,81,64,218 shares — to Rs4,697,283,704 crore, consisting of 2,348,641,852 shares, it said. The bank had posted a 42 per cent rise in net profit at Rs1,147 crore for the June quarter, as against Rs807 crore in the year-ago period. The total income in the first quarter of the current fiscal rose to Rs5,757 crore, from Rs4,081 crore in the same period a year ago.