November 26, 2012 / 11:13 AM / 5 years ago

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

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