Federal Bank has raised Rs 3,040 crore via the issue and allotment of 23.05 crore shares under qualified institutional placement (QIP).
The shares, with a face value of Rs 2, have been issued at Rs 131.90 per share. The issue price was at a discount of 69 paise, or 0.5 per cent, to the floor price of Rs 132.59.
The QIP issue opened for subscription on July 19 and closed on July 24. Pursuant to allotment, the paid-up equity share capital of the bank has increased to Rs 470 crore, comprising 235 crore shares, from Rs 423 crore comprising 212 crore shares.
The institutional buyers that were allotted more than 5 per cent stake of the offered shares included four mutual fund houses, which picked up stake through multiple schemes. Collectively they accounted for 29.4 per cent of the funds raised.
ICICI Prudential Mutual Fund was allotted 5.43 per cent of the QIP, Aditya Birla Sun Life Mutual Fund 8.22 per cent, SBI Mutual Fund 9.05 per cent, and Mirae Asset Mutual Fund 6.71 per cent.
SBI Contra Fund picked up the highest number of shares at 18.2 lakh, comprising 7.9 per cent of the QIP. It was followed by ICICI Prudential Value Discovery Fund, which picked up 6.9 lakh shares or 3.0 per cent of the QIP.
Capital adequacy ratio (CRAR) of the bank, as per Basel III guidelines, stood at 14.28 per cent at the end of June.