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Federal Bank launches $310 million share sale to institutions - term sheet
June 21, 2017 / 2:06 PM / 5 months ago

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

MUMBAI (Reuters) - 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.

An India Rupee note is seen in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration/Files

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

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