Fedbank Financial Services Raises Rs 329.99 Crore Via Pre-IPO Placement

Fedbank Financial Services will open its IPO, comprising fresh issue of Equity Shares aggregating up to Rs 600 crore on Wednesday.

New Delhi: Fedbank Financial Services Limited, promoted by Federal Bank Limited), in consultation with the BRLMs, has undertaken a Pre-IPO placement of 23,571,428 equity shares at the upper end of the price band Rs 140 per equity share as approved by the Board at its meeting held on November 20, 2023.

The Pre-IPO Placement comprises of 1,112,141 equity shares amounting to Rs. 15.57 crore allotted to SBI Life Insurance; 1,627,475 equity shares amounting to Rs. 22.785 crore allotted to Star Union Dai-chi; 6,030,716 equity shares amounting to Rs. 84.43 crore allotted to SBI Life Insurance; 3,928,571 equity shares amounting to Rs. 55 crore allotted to Yasya Investments; 3,729,668 equity shares amounting to Rs. 52.215 crore allotted to Star Union Dai-chi; 3,928,571 equity shares amounting to Rs. 55 crore allotted to Nuvama Crossover III; 3,214,286 equity shares amounting to Rs. 45 crore allotted to Nuvama Crossover IIIA.

Fedbank Financial Services Limited will open its initial public offering of Equity Shares on Wednesday, November 22, 2023. The initial public offering comprises of a fresh issue of Equity Shares aggregating up to Rs 600 crore  and an offer for sale up to 35,161,723 Equity Shares by selling shareholders.

Fedbank Financial Services Limited proposes to utilize the Net Proceeds from the Fresh Issue towards augmenting Tier – I capital base to meet its future capital requirements, arising out of the growth of business and assets. A part of the proceeds from the Fresh Issue will be used towards meeting Offer Expenses. (The “Objects of the Offer”).

ICICI Securities Limited, BNP Paribas, Equirus Capital Private Limited and JM Financial Limited are the Book Running Lead Managers to the Issue.