Federal Bank Approves ₹6,196.5 Crore Preferential Issue to Blackstone

Federal Bank’s board approved issuing ₹6,196.5 crore worth of warrants to Blackstone’s Asia II Topco XIII Pte. Ltd., giving it up to a 9.99% stake. Each warrant is priced at ₹227 and convertible within 18 months. The investor will also get the right to nominate a board member after full conversion, pending shareholder approval.