Federal Bank Ltd., the Indian bank backed by the International Finance Corp., plans to raise as much as 40 billion rupees ($486 million) in the next few months to support its expansion.
The fundraising could be via debt or equity, or a combination of the two, with the final structure still under consideration, the bank’s Chief Executive Officer Shyam Srinivasan said in an interview. The capital will fund growth as Federal Bank pushes further into retail banking with plans to open about 100 branches this year, and seeks to buy a microfinance company, he added.
Read More : IFC-Backed Federal Bank Aims to Secure Funds of Up to $486 Million