Federal Bank has announced the sale of 59 lakh equity shares in Equirus Capital Private Limited (ECPL), further reducing its stake in the company. The bank had earlier sold 11.50 lakh equity shares of ECPL during the current financial year. With the sale of an additional 59 lakh shares, the bank will sell a total of 9.81% of ECPL’s paid-up equity share capital. Following this transaction, ECPL will no longer be an associate of Federal Bank.
The sale is expected to be completed in October 2024, with a total consideration of ₹77.55 crore. ECPL contributed approximately 0.87% to Federal Bank’s consolidated revenue and 0.52% to its consolidated net assets for the financial year ending March 31, 2024.
Disclaimer: The information provided is for informational purposes only and should not be construed as investment advice. Please consult with a qualified financial advisor before making any investment decisions.
