Read on the application
The federal bank said it has received approval from the Reserve Bank of India (RBI) to allow ICICI Prudential Asset Management Company (ICICI AMC) to buy a total of 9.95 per cent stake in the bank. RBI has approved compliance with the relevant provisions of the Banking Regulation Act, 1949.
The change has come under the leadership of Shyam Srinivasan, MD and CEO of Federal Bank. In the year 2010, Shyam Srinivasan took over as the Managing Director (MD) and CEO of Federal Bank and has been holding the post ever since, his tenure will end on September 22, 2024. However, no recent update is available from the bank regarding the selection of the new MD.
Share status
Meanwhile, shares of Federal Bank Ltd rose ₹1.55, or 1.01%, to close at ₹155.45 on the BSE. Meanwhile, experts are bullish on Federal Bank shares. Brokerage firm Nirmal Bang has fixed the share price at Rs 182. The brokerage firm said we have raised our valuation. The brokerage has given a buy rating to Federal Bank shares.
A must for experienced investors
Rekha Rakesh Jhunjhunwala, wife of late investor Rakesh Jhunjhunwala, holds 4.82 crore shares or 2.01 per cent stake in the private sector Federal Bank. The data revealed that late Rakesh Jhunjhunwala has been allotted 2.45 crore shares or 1.02% stake.
What were the bank’s September quarter results?
Let us tell you that Federal Bank’s profit in the second quarter has increased by 35.56% to Rs 954 crore as compared to the profit of Rs 703.7 crore in the September quarter of FY22. Net interest income in the September quarter of last financial year was Rs. 1761.18 crore in the second quarter of this year by 16.7% to Rs. 2056.4 crores.