Federal Bank falls after L&T Finance sells stake
Reuters Market Eye - Shares in private sector lender Federal Bank Ltd (FED.NS) fall 2.5 percent after L&T Finance Holdings Ltd (LTFH.NS) sold 7.99 million shares in the bank at an average price of 453.37 rupees
L&T Finance on Monday said it plans to raise about $65 million by selling its 4.7 percent stake in the bank, according to a source and a term sheet obtained by Reuters.
Dealers say less bids at top end of the price range for block sale is keeping the stock under pressure.
- Tweet this
- Share this
- Digg this
DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.
Trending On Reuters
U.S. President Barack Obama ended a landmark day in India on Monday with a pledge of $4 billion in investments and loans, seeking to release what he called the "untapped potential" of a business and strategic partnership between the world's largest democracies. Full Article | Slideshow