Fedfina re-files IPO papers

New Delhi: Fedbank Financial Services Ltd (Fedfina), which is promoted by private sector lender Federal Bank, filed fresh preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO). The company’s IPO comprises fresh issue of equity shares aggregating up to Rs750 crore and an Offer-for-Sale (OFS) of 7.03 crore equity shares by promoter Federal Bank and existing shareholder True North Fund VI LLP, according to the draft red herring prospectus (DRHP) filed on Wednesday. Under the OFS, Federal Bank will offload 1.65 crore shares and True North Fund VI LLP will divest 5.38 crore shares. The bank proposes to utilise the net proceeds from the fresh issue towards augmenting Tier – I capital base to meet its future capital requirements and meeting offer expenses. Earlier, the bank had filed draft IPO papers with the Securities and Exchange Board of India (Sebi) in February 2022, seeking to mobilise Rs900 crore through fresh issue, besides, there was an OFS component too.