Federal Bank gains over 1% after floating QIP

The floor price, at Rs 132.59 apiece, marks a discount of around 2 percent against July 19’s closing price of Rs 135.70

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Federal Bank shares darted up in morning trade on July 20 after the private sector lender launched a qualified institutional placement (QIP) issue and fixed the floor price at Rs 132.59 per share.

At 10.25 am, shares of Federal Bank were trading 1.18 percent up at Rs 137.30 on the BSE.

In a regulatory filing post market hours on July 19, Federal Bank said the credit, investment and raising capital committee of its board of directors has “authorised the opening of the issue today, i.e., July 19, 2023”.

The committee arrived at a pricing formula of “Rs 132.59 per equity share”, the exchange filing noted, adding that “the bank may, at its discretion, offer a discount of not more than five percent on the floor price so calculated for the issue”.

The floor price, at Rs 132.59 apiece, marked a discount of around 2 percent against July 19’s closing price of Rs 135.70.

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In May, sources told Moneycontrol that Federal Bank was planning to raise around Rs 4,000 crore through a combination of QIP and preferential allotments. The lender has picked investment banks Kotak Mahindra Capital, Axis Capital, BofA Securities and JP Morgan as advisors, the persons privy to the development had said.

The capital raise is aimed at bolstering retail growth and inorganic activity, they added.

Federal Bank on July 13 reported a net profit of Rs 854 crore for the April-June 2023 quarter, a jump from Rs 600 crore in the corresponding period last year.

The bank’s gross non-performing asset (GNPA) also improved to 2.38 percent from 2.69 percent last year.

The lender’s net NPA stood at 0.69 percent, improving from 0.94 percent in the corresponding quarter last year.

Shyam Srinivasan, the bank’s Chief Executive Officer and Managing Director (CEO and MD), confirmed that it is looking at raising Rs 4,000 crores in the fiscal year (FY) 2024.

Shares of Federal Bank are down 1 percent on YTD basis, though the 1-year return stands at nearly 30 percent.

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