Federal Bank is set to acquire a 26% stake in Mumbai-based investment bank Equirus Capital. The bank has not divulged the financial details of the deal. Equirus Capital said in a statement the board of directors of Federal Bank had approved the acquisition of a minority 26% stake in the company, subject to statutory and regulatory approvals and satisfactory completion of financial and legal due diligence. Equirus Capital, founded in 2007, is a closely held unlisted investment banking firm that is involved in mergers and acquisitions, private equity, initial public offerings, qualified institutional placements and structured finance. The bank would now be able to increase its product offerings to a spectrum of wholesale clients like financial solutions for debt and equity capital markets, structured finance, capital market products and advisory services.
