According to the draft Red Herring Prospectus (DRHP), under this IPO of FedFina, fresh shares of up to Rs 900 crore will be issued.
FedFina IPO: FedBank Financial Services Limited (FedFina), a subsidiary of Federal Bank, is going to bring its IPO. The company has filed a draft paper with the market regulator SEBI for this. According to the draft Red Herring Prospectus (DRHP), under this IPO, fresh shares worth up to Rs 900 crore will be issued. Along with this, 45,714,286 equity shares will be sold by promoters and investors under Offer for Sale (OFS).
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Fund will be used here
The company wants to use the net proceeds from this IPO to increase its Tier-I capital base. In order to meet its future capital requirements arising out of the growth of business and assets. As part of the OFS, 16,497,973 equity shares will be sold by Federal Bank and 29,216,313 equity shares by True North Fund VI LLP. ICICI Securities, Equirus Capital, IIFL Securities and JM Financial are the book running lead managers of the issue.
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Know about the company
Fedfina is a retail-focused NBFC and operates a “twin engine” business model with two complementary products, which include Gold Loan and Installment Loan for MSMEs and Emerging Self-Employed Individuals. The company believes that the long operating history, track record, management expertise and Federal Bank brand have enabled it to establish a competitive position in the market.
(Input-PTI)
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