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
- Modi eyes breakthrough nuclear pact on Japan trip
- U.S. strikes have slowed Iraq militants but not weakened them - Pentagon
- U.S. seeks coalition against Islamic State, but military partners no sure bet
- UPDATE 3-Ebola causing huge damage to W.Africa economies- development bank
- Modi to launch plan for every Indian household to have bank account
Jan Dhan Yojana
Prime Minister Narendra Modi will promise on Thursday to provide a bank account for every Indian household when he launches a major initiative that could save billions of dollars in welfare spending and help mend strained state finances. Full Article