NEW DELHI: Private equity firm Blackstone will invest 61.97 billion rupees (US$705.05 million) in India’s Federal Bank for a 9.9 per cent stake via preferential equity shares and warrants, the Indian lender said on Friday.
The deal’s completion will give Asia II Topco XIII Pte Ltd, the Singapore-based Blackstone affiliate that has entered the share-purchase agreement with the bank, the right to nominate one non-executive director to the Federal Bank’s board.
The purchase is subject to clearances from the Reserve Bank of India and the Competition Commission of India.
The bank also needs shareholder approval for the preferential share issue and the seat at the board, which will be decided at its extraordinary general meeting on Nov 19.
Federal Bank’s shares rose 1.5 per cent to 231.37 rupees after the announcement.
© New Straits Times Press (M) Bhd
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