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Federal
Bank to finance for IPO subscription
Our
Banking Bureau
9 March 2004
 Kochi:
Federal Bank has introduced a new product, 'Federal Equity
Subscription Scheme,' for financing IPOs and public issue
applications of its customers.
Loans
will be available to individuals for applying for IPOs
and public issues approved by the bank. Up to 50 per cent
of the application money is granted as loan, subject to
a maximum amount of Rs 10 lakh.
The
period of the loan is 60 days. No security is required
and interest on the loan is 13 per cent, a press release
from the bank has said. The applicants should open a joint
DP account with the bank. The loan is available through
20 branches in Kerala and from another 29 branches outside
the State.
 Federal
Bank is the first old generation private sector bank to
come out with a scheme for financing IPOs, the release
said.
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