Federal Bank pauses $244 million unit stake sale: Report

Federal Bank has put on hold the sale of a stake in its subsidiary, Fedbank Financial Services, as it is unable to reach a consensus with potential investors over the unit’s valuation. The bank had hoped to raise as much as INR20bn ($275m) from the sale. Federal Bank has also decided to focus on a fundraising of up to INR40bn instead. Fedbank Financial Services, which filed a draft IPO prospectus in February, may pursue a listing in the coming year, according to Federal Bank CEO Shyam Srinivasan.

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