November 21, 2017 / 3:21 AM / 9 months ago

Citigroup selling Rs7.37bn L&T Finance block

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)

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