Federal Bank board to meet on March 18 to discuss fundraising proposal

Federal Bank on Wednesday said its board will meet on March 18 to decide on a proposal to raise up to Rs 1,000 crore by issue of debentures.

The bank's board will meet in Kochi to discuss the proposal to raise funds by way of issue of unsecured Basel III Tier-II Subordinate Bonds in the nature of Debentures, amounting up to 1,000 crore, Federal Bank said in a regulatory filing.

Shares of Federal Bank closed at Rs 126.60, down 0.98 per cent over the previous close on BSE.