Federal Bank plans to raise Rs 700 crore in bonds

Kolkata: is planning to raise up to Rs 700 crore in bonds from institutional investors on a private placement basis.

The bank board will meet on January 12 to review this proposal, the bank said Friday in regulatory filing to stock exchanges.

The fund would augment the bank’s capital adequacy ratio and support its growth plans.

The private sector lender has seen a 12 per cent year-on-year rise in advances to Rs 1.44 lakh crore at the end of December last year.

Its deposits grew by 9 per cent year-on-year to Rs 1.75 lakh crore, with CASA (current and savings account) ratio improving sequentially to 36.68 per cent at the end of December from 34.48 per cent a year back, according to the provisional business data released by the bank a few days back.

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