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Federal Bank today said Board of Directors of its subsidiary Fedbank Financial Services Limited (FedFina), has approved initiating the process of an initial public offering (IPO).
"The IPO will be by way of fresh issue and offer for sale, subject to market conditions, receipt of applicable approvals including that of Securities and Exchange Board of India (SEBI) and other considerations," Federal Bank said in a filing.
The size of the IPO, portion of offer for sale (if any), price and other details with respect to the proposed IPO by FedFina will be determined in due course.
Post the IPO, FedFina would continue to be a subsidiary of Federal Bank.
On Tuesday, Federal Bank shares rose 1.10% to close at ₹96.60 apiece on NSE.
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