Reuters logo
5 years ago
India's L&T Finance to raise $65 mln in Federal Bank stake sale-source
November 26, 2012 / 11:01 AM / 5 years ago

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)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below