SINGAPORE, Nov 21 (IFR) - Citigroup is in the market with a 2.15% stake in L&T Finance Holdings to raise up to Rs7.37bn (US$113m), according to a term-sheet.
Citigroup Global Markets Mauritius is selling 39.2m shares at a price range of Rs180.50–Rs188.05. The price range implies a 0%–4.01% discount to the pre-deal close of Rs188.05.
The sale is being conducted to unwind partially CGMM’s hedge position in connection with a total return wwap between CGMML and Bain Capital.
Citigroup is the sole bookrunner. (Reporting by Anuradha Subramanyan; Editing by Dharsan Singh)