MUMBAI: Fedbank Financial Services Limited (FedFina), the non-banking lending subsidiary of Federal Bank is planning to raise funds via Initial Public Offering (IPO). Federal Bank said in a filing to the stock exchanges that the board of FedFina has proposed an IPO at its board meeting on Monday.
The IPO will be undertaken by way of fresh issues and offer for sale (OFS), subject to market conditions and receipt of applicable approvals including that of the Securities and Exchange Board of India (Sebi) and other considerations.
“The size of the IPO, the portion of the offer for sale, price and other details with respect to the proposed IPO by FedFina will be informed in due course after the finalisation of the same in consultation with the book running lead managers,” said Federal Bank in its exchange filing. After the IPO, FedFina would continue to be a subsidiary of Federal Bank.
This the second attempt for the company to plan the public issue as FedFina had filed its IPO papers with Sebi in February 2022 through which it planned to raise Rs 900 crore.