Federal Bank to Raise up to $500 Million via Foreign Currency Bonds

Federal Bank's Board of Directors has approved a proposal to raise funds by issuing foreign currency denominated bonds through its IFSC Banking Unit in GIFT City. The issuance will be in one or more tranches, with an aggregate amount not exceeding the equivalent of USD 500 million. The bonds will have a maximum tenor of up to five years. This move is subject to necessary regulatory, statutory, and other approvals. Further details will be provided upon the approval of each tranche issuance.