The approval would result in foreign investment of approximately Rs 1,400 crore in the country, it said. Federal Bank had approached the Foreign Investment Promotion Board (FIPB), as Reserve Bank in August, 2013, prohibited foreign institutional investors, non-resident Indians and persons of Indian origin from purchasing shares in Federal Bank as its foreign holding had crossed 49 percent.
Subsequently, FIPB in October last year cleared the proposal to raise the foreign investment holding.
As on September 2013, holding of FIIs in the bank was 44.11 per cent, of DII (domestic institutional investors) 20.60 percent and of others 35.29 percent. Shares of the bank today closed at Rs 82.65, up 4.03 per cent on BSE over its previous close.
Also Read: Govt okays residual stake-sale in Hindustan Zinc
Federal Bank stock price
On January 20, 2014, Federal Bank closed at Rs 82.65, up Rs 3.20, or 4.03 percent. The 52-week high of the share was Rs 104.75 and the 52-week low was Rs 44.25.
The company's trailing 12-month (TTM) EPS was at Rs 9.16 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 9.02. The latest book value of the company is Rs 74.41 per share. At current value, the price-to-book value of the company is 1.11.
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