Federal Bank today secured its General Body approval for raising Rs 8,000 crore through issue of bonds or other debt securities, raising Tier I capital not exceeding ₹ 4,000 crore .
KOCHI, July 17, 2020: Federal Bank today secured its General Body approval for raising Rs 8,000 crore through issue of bonds or other debt securities, raising Tier I capital not exceeding ₹ 4,000 crore .
The Bank will also raise its authorized share capital from Rupees five hundred crore to Rupees eight hundred crore.
Addressing the 89th Annual General Meeting that was conducted over video conferencing, chairperson Grace Koshie spoke of the Bank’s pursuit towards becoming the country’s First Choice bank. She also mentioned how the Bank proposes to up the game at all levels to become the most dependable partner for all stakeholders.
Shyam Srinivasan, MD and CEO, recounted the success of the Bank in the areas of sustainable growth, creation of new revenue streams, digital innovations and HR practices in the last financial year. He reiterated the Bank’s goal to be the numero uno player, well differentiated from rest of the competition.
At the AGM, approval was also sought for alteration of object clauses of Memorandum of Association, appointment of Joint Statutory Central Auditors, taking appointment of Grace Koshie as Part Time Chairperson on record, reappointment of Shyam Srinivasan as MD and CEO and Ashutosh Khajuria as Executive Director and appointment of Grace Koshie as Non-Executive Non-Independent Director, Sudarshan Sen as Independent Director and Shalini Warrier as Executive Director of the Bank.
Meanwhile, the Bank has communicated to the stock exchanges that it has obtained RBI approval as well for reappointment of Srinivasan as MD and CEO for a year from September 23.