Fedbank Financial Services IPO promoter, the Federal Bank Limited, and investor selling shareholder, True North Fund VI LLP have transferred ₹329.99 crore, worth of equity shares to investors such as SBI Life Insurance, Star Union, Yasya Investments and Nuvama, today. Fedbank Financial Services Limited promoters have transferred 23,571,428 equity shares at the upper end of the price band of ₹140 per equity share following the board's approval.
The placement shares include 1,112,141 equity shares valued at ₹15.57 crore to SBI Life Insurance; 1,627,475 equity shares valued at ₹22.785 crore to Star Union Dai-chi; 6,030,716 equity shares valued at ₹84.43 crore to SBI Life Insurance; 3,928,571 equity shares valued at ₹55 crore to Yasya Investments; 3,729,668 equity shares valued at ₹52.215 crore to Star Union Dai-chi; 3,928,571 equity shares valued at ₹55 crore to Nuvama Crossover III; 3,214,286 equity shares valued at ₹45 crore to Nuvama Crossover IIIA.
The Federal Bank Limited transferred 1,112,141 to SBI Life Insurance and 1,627,475 to Star Union Dai-chi, according to BSE data.
A total of 6,030,716 was transferred by True North Fund VI LLP to SBI Life Insurance; 3,928,571 was transferred to Yasya Investments; 3,729,668 was transferred to Star Union Dai-chi; 3,928,571 was transferred to Nuvama Crossover III; and 3,214,286 was transferred to Nuvama Crossover IIIA.
ICICI Securities Ltd, BNP Paribas, Equirus Capital Private Ltd, and JM Financial Ltd are the BRLM to the issue, and Link Intime India Private Ltd is the registrar to the offer. The allocation to anchor investors for Fedfina IPO is scheduled to take place today (Tuesday, November 21).
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Percentage of pre-Offer share capital of the company after the transfer mentioned below:
Fedbank Financial Services IPO date of subscription is scheduled for Wednesday, November 22, and will close on Friday, November 24. Fedbank Financial Services IPO price band has been fixed in the range of ₹133 to ₹140 per equity share of face value of ₹10.
Federal Bank arm Fedfina IPO comprises of fresh issue of equity shares up to the value of ₹600 crore and an offer-for-sale (OFS) of up to 35,161,723 equity shares by the promoters selling shareholders and promoter group make up the offer, which has a face value of ₹10 per equity share, as per RHP.
The Federal Bank, the promoter shareholder, may sell up to 5,474,670 equity shares, and True North Fund VI LLP, the investor selling shareholder, may sell up to 29,687,053 equity shares, of the offer for sale up to 35,161,723 equity shares.
As per the RHP, the company plans to use the net proceeds from the new issue, to increase its Tier-I capital base in order to meet future capital requirements that will arise from the expansion of its assets and business. Additionally, a portion of the new issue's proceeds will go towards covering offer expenses.
In addition, the company expects to receive the benefits of listing of the equity shares on the stock exchanges, including enhancement of the company’s brand name and creation of a public market for the equity shares in India, said the company in its RHP.
Fedbank IPO GMP today or grey market premium is +5. This indicated Fedfina share price today are trading at a premium of ₹5 in the grey market, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Fedbank Financial Services share price was indicated at ₹145 apiece, which is 3.57% higher than the IPO price of ₹140.
'Grey market premium' indicates investors' readiness to pay more than the issue price.
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