The Federal Bank Ltd on Friday announced that it has received an intimation from the Reserve Bank of India (RBI) on September 28, 2023, that it has accorded its approval to International Finance Corporation (IFC) for acquiring aggregate holding of up to 9.70 percent of the paid-up share capital or voting rights of the Bank subject to the conditions specified therein, the company announced through an exchange filing.
The approval has been granted with reference to the application made by IFC to RBI.
The approval granted by RBI is subject to the compliance with the relevant provisions of the Banking Regulation Act, 1949, RBI’s Master Direction and Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies dated January 16, 2023 (as amended from time to time), provisions of the Foreign Exchange Management Act, 1999, regulations issued by Securities and Exchange Board of India, and any other guidelines, regulations and statutes as applicable, it said in the regulatory filings.
Federal Bank shares
The shares of Federal Bank on Friday at 1:58 pm IST were trading at Rs 147.75, up by 1.20 percent.