Federal Bank has announced the sale of its remaining 59 lakh equity shares in Equirus Capital Private Limited (ECPL), marking the completion of its 9.81% stake sale in the associate company.
The total sale, including the 11.50 lakh shares sold earlier, will amount to ₹77.55 crore. The sale is expected to be completed in October 2024, after which ECPL will no longer be an associate company of Federal Bank.
This strategic divestment signifies Federal Bank’s continued efforts to streamline its investments and focus on its core banking operations. The buyers of the shares include prominent individuals and entities such as Mrs. Geeta Penumetsa, Dr. Ajai Kumar, and Amicus Capital Partners India Fund II.
TOPICS:
Federal Bank