L&T Finance to raise $65 mln in Federal Bank stake sale - source
MUMBAI (Reuters) - L&T Finance Holdings Ltd(LTFH.NS) plans to raise about $65 million by selling its 4.7 percent stake in private sector lender Federal Bank (FED.NS), 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 (LART.NS), 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)
- Tweet this
- Share this
- Digg this
- UPDATE 6-Obama warns on Crimea, orders sanctions over Russian moves in Ukraine
- Privacy groups ask regulators to halt Facebook's $19 billion WhatsApp deal
- RPT-With Crimean appeal, Putin goes head-to-head with West over Ukraine
- Exclusive - Pimco's Gross declares El-Erian is 'trying to undermine me'
- Singapore's megachurches move to export lucrative religion
Sahara’s investment programmes include schemes that are similar to a typical Indian bank’s fixed or recurring deposits. But the arrest of the company's chief Subrata Roy last week and the court case over an outlawed bond scheme are raising fears among some investors who worry they will not get their money back. Full Article