The board of The Federal Bank Limited (NSEI:FEDERALBNK) on January 11, 2022 said that it has approved the process of initial public offering of its subsidiary Fedbank Financial Services (FedFina), according to a stock exchange notification. FedFina is the retail focused non-banking finance company set up by the Kerala-based bank. Mint was the first to report on the story on 19 October 2021.

The IPO will include a fresh issue and offer for sale, subject to market conditions and approvals from Securities and Exchange Board of India (SEBI). The size of the IPO, portion of offer for sale, price and other details with respect to the proposed IPO by FedFina will be determined in due course, the bank said in its filing. Following the IPO process, FedFina will continue to be a subsidiary of the bank, it added.