MUMBAI (Reuters) – India’s Federal Bank has raised 9.59 billion Indian rupees ($116.92 million) via preferential issues of shares to the International Finance Corporation (IFC), a member of the World Bank Group.
The shares were issued at a price of 131.91 per share and were approved by the board on Friday, the bank said in a notification to exchanges.
Post the acquisition, IFC and related entities will hold equity of nearly 8% in the bank.
Separately, the bank’s board also approved the raising of 80 billion rupees via the issue of debt instruments, it said.
($1 = 82.0225 Indian rupees)
(Reporting by Ira Dugal; Editing by Janane Venkatraman)
