Federal Bank gets FIPB nod to raise foreign shareholding

Oct 24, 2013, 07.10 PM IST

The Kerala-based bank had approached FIPB for permission to increase foreign shareholding after the RBI prohibited foreign institutional investors, non-resident Indians and persons of Indian origin from purchasing shares in Federal Bank as its foreign holding had crossed 49 percent.

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Federal Bank gets FIPB nod to raise foreign shareholding

The Kerala-based bank had approached FIPB for permission to increase foreign shareholding after the RBI prohibited foreign institutional investors, non-resident Indians and persons of Indian origin from purchasing shares in Federal Bank as its foreign holding had crossed 49 percent.

Like this story, share it with millions of investors on M3

Federal Bank gets FIPB nod to raise foreign shareholding

The Kerala-based bank had approached FIPB for permission to increase foreign shareholding after the RBI prohibited foreign institutional investors, non-resident Indians and persons of Indian origin from purchasing shares in Federal Bank as its foreign holding had crossed 49 percent.

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Private sector lender Federal Bank today got FIPB approval for hiking foreign shareholding limit in the bank to 74 percent. Since the proposal involved foreign investments of about Rs 1,400 crore, it would also require clearance of the Cabinet Committee of Economic Affairs (CCEA), a Finance Ministry official said after Federal Bank's application was approved in the meeting of Foreign Investment Promotion Board (FIPB).

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The Kerala-based bank had approached FIPB for permission to increase foreign shareholding after the RBI prohibited foreign institutional investors, non-resident Indians and persons of Indian origin from purchasing shares in Federal Bank as its foreign holding had crossed 49 percent.

As on September 2013, holding of FIIs in the bank was 44.11 percent, of DII (domestic institutional investors) 20.60 percent and of others 35.29 percent. The bank's scrip today closed at Rs 82.25, up 4.84 percent on BSE over its previous day's close.

On October 24, 2013, Federal Bank closed at Rs 82.25, up Rs 3.80, or 4.84 percent. The 52-week high of the share was Rs 110.15 and the 52-week low was Rs 44.25.

The company's trailing 12-month (TTM) EPS was at Rs 8.93 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 9.21. The latest book value of the company is Rs 74.41 per share. At current value, the price-to-book value of the company was 1.11.

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