L&T Finance to raise $65 mln in Federal Bank stake sale - source

MUMBAI Mon Nov 26, 2012 4:41pm IST

Related Topics

Stocks

   

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)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Earnings Season

Earnings Season

Reliance Q4 sales rise, refining margin narrows.  Read 

Innovative Solution

Innovative Solution

Turning smog into jewels - a Dutch designer's solution to Beijing's pollution.  Video 

Insider Trading

Insider Trading

Rajaratnam's brother loses bid to dismiss insider trading charges.  Full Article 

Literary Giant Dies

Literary Giant Dies

Mourning and memories in Gabriel Garcia Marquez's languid hometown.  Full Article 

S&P on India

S&P on India

S&P: India's ratings to depend on next govt econ, fiscal policies.  Full Article 

Ambitious Aim

Ambitious Aim

In green car race, Toyota adds muscle with fuel-cell launch.  Full Article 

Bond Market

Bond Market

A star abroad, RBI boss riles bond traders at home  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage