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Saturday, January 25, 2014

Federal Bank gets nod for hiking foreign investment limit

The Cabinet Committee on Economic Affairs (CCEA) has approved the proposal of Federal Bank for increase in foreign investment up to 74 per cent.

This nod is, however, subject to the condition that aggregate Foreign Institutional Investors' shareholding will not exceed 49 per cent of the paid-up capital of the bank.

The approval will result in a foreign investment of Rs 1,400 crore into the country, an official release said.

Source: Thehindubusinessline


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