India's L&T Finance to raise $65 mln in Federal Bank stake sale-source
MUMBAI Nov 26 (Reuters) - India's L&T Finance Holdings Ltd plans to raise about $65 million by selling its 4.7 percent stake in private sector lender Federal Bank, according to a source and a term sheet obtained by Reuters.
L&T Finance, the financial services arm of Indian engineering conglomerate Larsen and Toubro, will sell 7.9 million shares, priced between 450 rupees and 469.75 rupees a share, representing a discount of 0-4.2 percent to Monday's close, the term sheet showed.
Citigroup is the sole bookrunner to the transaction, it said. (Reporting by Sumeet Chatterjee and Indulal PM; Editing by Anupama Dwivedi)