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IPO News Today: Federal Bank Subsidiary FedFina To Hit The Bourses Soon, Starts IPO Process
IPO News Today: FedFina's board of directors approved the initiation of the process on January 11, 2022. The offering will include a fresh sale of shares as well as an offer for sale.
New Delhi: We have some positive IPO news today. Federal Bank’s subsidiary FedBank Financial Services Ltd or FedFina has initiated the process of launching the initial public offering (IPO). According to media reports, the bank’s board of directors approved the initiation on January 11, 2022. The offering will include a fresh sale of shares as well as an offer for sale.
According to the statement by the company, “The size of the IPO, portion of an offer for sale, price and other details with respect to the proposed IPO by FedFina will be determined in due course.”
What Is FedFina: Key Points
- The Kerala-based lender, according to a report by Mint, received its NBFC license in 2010.
- Currently, it has over 430 branches in the country.
- It offers various loans including house and gold loans.
- The report further said that out of the total loans by the NBFC, 96 per cent are retail loans
- The company reported gross NPAs, till March 31, 2021, as 1.04 per cent.
- The company has assets worth Rs 4,863 crores.