Fedbank Financial Services Raises Rs 330 Crore Via Pre-IPO Placement
The IPO's price bank has been fixed in the range of Rs 133 to Rs 140 per equity share
Fedbank Financial Services Ltd. has raised Rs 330 crore via a pre-IPO placement on Monday.
The pre-IPO placement comprises 23.5 lakh equity shares, amounting to Rs 330 crore at the upper end of the IPO price band, according to an exchange filing.
Some of the key investors in this include SBI Life Insurance, Star Union Dai-chi, Yasya Investments, Nuvama Crossover III, and Nuvama Crossover IIIA, among others.
The IPO's price band has been fixed in the range of Rs 133 to Rs 140 per equity share, with a face value of Rs 10. The IPO is scheduled to open on Nov. 22 and close on Nov. 24.
The offer has a fresh issue of Rs 600 crore, and the rest of it is an offer for sale, under which existing shareholders, including Federal Bank and private equity fund True North, will exit.
Through this, the Federal Bank's overall holdings will come down to 61% from the current 73%, and True North's will come down to 8.5% from the current 25%.