Federal Bank Raises Rs 2,500 Crore Via QIP

New Delhi: Private sector lender Federal Bank today raised Rs 2,500 crore through qualified institutional placement (QIP) route to fund its expansion plan.

"The board today approved the issue price of Rs 116 per share (including a premium of Rs 114), which is at a discount of 0.89 per cent to the floor price of Rs 117.04 per share determined as per the formula prescribed by Sebi," Federal Bank said in regulatory filing on stock exchanges.

The bank proposes to issue 21.5 crore shares for QIP, it said.

The issue comes amid a flurry of similar deals in the banking space, which has seen SBI raise the largest QIP at over Rs 15,000 crore, Kotak Mahindra Bank raising over Rs 5,500 crore and Yes Bank's Rs 4,900 crore issue.

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