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Federal Bank to acquire up to 19.89% stake in Equirus Capital

India-based Federal Bank Ltd. has agreed to acquire up to a 19.89% stake in investment bank Equirus Capital Pvt. Ltd. for an undisclosed sum.

The transaction received approval from the Reserve Bank of India, according to a June 12 filing.

This comes after the lender unveiled its plan to take up to 26% of Equirus Capital in February. Ashvin Parekh Advisory Services was named sole adviser to Federal Bank for the deal, the Business Standard reported.