Federal Bank share rebounds as board to consider ₹1000 crore fund raise plan
2 min read . Updated: 16 Mar 2023, 01:53 PM IST
Premium- Federal Bank board is going to consider ₹1000 crore fund raise plan via bonds that would be debentures in nature
Federal Bank share price recovered from its intraday low of ₹124.55 apiece levels and turned green by mid-Thursday session hitting intraday high of ₹127.15 per share. The south India-based bank has informed Indian bourses that the board of directors of the bank is going to consider and approve fund raise plan to the tune of ₹1,000 crore via bonds. The board of directors would consider the fund raise proposal in its meeting scheduled on 8th March 2023 i.e. on Saturday this week.
Informing Indian bourses about the fund raise proposal, Federal Bank said, "Pursuant to Regulation 29(1)(d) and 29(2) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the meeting of the Board of Directors of the Bank is scheduled to be held on Saturday, March 18,2023, at Federal Towers, Marine Drive, Kochi to consider and approve, inter-alia, the proposal to raise funds by way of issue of Unsecured Basel III Tier-II Subordinate Bonds in the nature of Debentures, amounting up to Rs. 1000,00,00,000/- (Rupees One Thousand Crores only) on a private placement basis."
Federal Bank share price today opened flat but soon came under selling pressure and hit intraday low of ₹124.55 apiece levels on NSE. However, bulls showed buying interest at intraday low and lifted the banking stock in green territory. Federal Bank share price today climbed to intraday high of ₹127.45 per share on NSE.
Federal Bank share price target
Speaking on Federal Bank share price outlook, Chandan Taparia, Derivative & Technical Analyst at Motilal Oswal said, "Federal Bank share price has bounced back from around ₹120 to ₹124 zone for one more time. Currently,, the banking stock is trading in ₹120 to ₹134 range and any dip towards ₹120 levels is a good buying range for bulls. Today's surge in Federal Bank shares from ₹intraday lows can be attributed to this bottom fishing approach adopted by the positional investors in this banking stock."
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