MUMBAI 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)
Trending On Reuters
India should avoid fixating on an inflation target given the need to ensure economic growth and financial stability, former central bank governor Duvvuri Subbarao warned on Tuesday. Full Article