Federal Bank gets board approval to raise up to Rs 700 cr through bonds
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Federal Bank on Wednesday said it has received approval from its board of directors to raise up to Rs 700 crore by issuing bonds on a private placement basis.
The board of directors of the bank at its meeting held on Wednesday has approved the issuance of unsecured Basel-III tier-II subordinate bonds in the nature of debentures, amounting up to Rs 700 on a private placement basis, Federal Bank said in a regulatory filing.
The bonds will be allotted to certain eligible investors permitted to invest in NCDs under the applicable laws, it added.