Private sector lender Federal Bank's qualified institutional placement (QIP) got a strong response, with the issue registering nearly 7x subscription, CNBC-TV18 reported on July 20 citing sources.
According to CNBC-TV18's sources, the domestic investors include SBI MF, Aditya Birla Sun Life MF and Mirae Asset and the foreign investors are Fidelity, TT International, Goldman Sachs, AMC & Templeton.
These investors will have a 90-day lock in period.
In a regulatory filing post market hours on July 19, Federal Bank had said the credit, investment and raising capital committee of its board of directors has "authorised the opening of the issue today, i.e., July 19, 2023".
Also Read: Federal Bank gains over 1% after floating QIP
The bank had fixed the floor price at Rs 132.59 per share, which marked a discount of around 2 percent against July 19’s closing price of Rs 135.70.
Federal Bank on July 13 reported a net profit of Rs 854 crore for the April-June 2023 quarter, a jump from Rs 600 crore in the corresponding period last year.
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