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Friday, January 28, 2022

Jhunjhunwala Portfolio: Golden chance for investors to earn 24% profit from Jhunjhunwala’s investment bank, process of bringing IPO of the subsidiary also started

IPO News: A subsidiary of a banking stock included in the portfolio of veteran investor Rakesh Jhunjhunwala has started the process of bringing an IPO.

IPO News: A subsidiary of a banking stock included in the portfolio of veteran investor Rakesh Jhunjhunwala has started the process of bringing an IPO. Federal Bank has informed in a regulatory filing that FedBank Financial Services (FedFina) has started the process for IPO, Fedfina got the NBFC license in the year 2010 and it has more than 520 presence across the country. The branches provide Gold Loan, Home Loan, Loan Against Property and Business Loan. Federal Bank holds a 74 per cent stake in Fedfina. On the other hand, brokerage firms have expressed the possibility of a rise in Federal Bank shares and have fixed the target price at more than 24 per cent.

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Golden chance for investors to earn 24% profit

Federal Bank’s business has strengthened despite challenging circumstances like the Corona epidemic. Federal Bank’s loan growth has shown a sharp recovery. Brokerage firm Motilal Oswal estimates that its prices can reach up to Rs 130 i.e. investors can earn more than 24 percent profit if they invest at the current price (closing price on NSE on Tuesday – Rs 96.60). As per the current shareholding pattern, Rakesh Jhunjhunwala holds 5,47,21,060 shares of Federal Bank. This is equivalent to 2.64 percent stake in this bank. Jhunjhunwala’s wife Rekha Jhunjhunwala holds 1.01 percent stake in it.

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FedFina IPO Details

Federal Bank informed that in the meeting of the Board of Directors of Fedfina on Tuesday, approval was received to start the IPO process. It is yet to get approval from other regulators including SEBI. According to the information, even after the IPO, Fedfina will remain a subsidiary of Federal Bank. However, other details including new shares, offer for sale and issue price under the IPO will be revealed later. In the last financial year 2020-21, the asset under management (AUM) of Fedfina was Rs 4628 crore and in the financial year 2021 its revenue was Rs 628 crore and net profit was Rs 62 crore.

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