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India's Federal Bank to raise equity capital, debt

India-based Federal Bank Ltd. obtained shareholders' approval to raise up to 25 billion Indian rupees of equity capital.

The bank said June 9 that shareholders also approved a proposal to raise the limit on total foreign holdings in the bank to 74% of its paid-up share capital.

The statement came after the bank said June 7 that its board approved plans to issue 40 billion rupees of debt securities.

As of June 9, US$1 was equivalent to 64.32 Indian rupees.