On Friday, 17th July 2020, the Federal Bank stated that it has received the approval of Reserve Bank of India for the reappointment of Shyam Srinivasan as Managing Director and Chief Executive Officer till 22nd September 2021. Shyam Srinivasan was appointed as MD and CEO of the Bank on 23rd September 2021. In a regulatory filing, Federal Bank informed Stock Exchanges that it received RBI's nod on July 16, 2020, for the reappointment of Shyam Srinivasan as the MD and CEO of the bank, with effect from September 23, 2020, (the completion of the present term of office) till September 22, 2021, along with remuneration as proposed by the bank.
He joined the bank, equipped with over 20 years of experience with leading multinational banks in India, the Middle East, and Southeast Asia. This has significant experience in retail lending, asset management, and small and medium-sized enterprises (SMEs) financing. He is a graduate of the Indian Institute of Management, Kolkata, and the Regional Engineering College, Tiruchirapally. Federal Bank shares traded at Rs 51.75 apiece on BSE, down 0.58 percent from its previous close.
Eighty-ninth Annual General Meeting of the shareholders of the Federal Bank was conducted via videoconferencing on 17th July 2020. The conference was led by the Chairperson of the Bank, Ms. Grace Koshie, and was accompanied by other directors and shareholders of the Bank. The approval of the shareholders was requested for the implementation of audited financial statements of FY 2019- 20 and other proposals such as raising funds to the tune of Rs. 8,000 crore by offering bonds or other debt securities, raising Tier I capital not exceeding Rs. 4,000 crore and increasing the authorized capital of the bank from Rupees to Rupees to Rupees to Rupees to eight hundred crore.
Approval was also sought for the alteration of the object clauses of Memorandum of Association (MOA), the appointment of Joint Statutory Central Auditors, taking appointment of Ms. Grace Koshie as Part-Time Chairperson on record, the reappointment of Mr. Shyam Srinivasan as MD and CEO and Mr. Ashutosh Khajuria as Executive Director and appointment of Ms. Grace Koshie as Non- Executive Non- Independent Director, Mr. Sudarshan Sen as Independent Director and Ms. Shalini Warrier as Executive Director of the Bank. While addressing the shareholders, Grace Koshie talked about the Bank's pursuit of being the country's First Choice Bank for everyone. She also stated how the Bank strives to become the most dependable partner for all stakeholders at all levels.
In his speech at the conference, Mr. Shyam Srinivasan, MD & CEO, talked about the success of the Bank in the areas of sustainable growth, the creation of new revenue streams, digital innovations, and HR practices in the last financial year. He reiterated the Bank's goal of becoming a numero uno player, well distinguished from the rest of the competition. Shares of Federal Bank Ltd. was last trading in the BSE at Rs.52.1 as compared to the previous close of Rs. 52.05. The total number of shares traded during the day was 2245868 in over 6752 trades.
The stock hit an intraday high of Rs. 53.5 and intraday low of 51.2. The net turnover during the day was Rs. 117168633.
