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Federal Bank falls after L&T Finance sells stake

Source : REUTERS
Last Updated: Tue, Nov 27, 2012 05:13 hrs
India's benchmark share index is displayed on the facade of the BSE building in Mumbai

Shares in private sector lender Federal Bank Ltd fall 2.5 percent after L&T Finance Holdings Ltd 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.

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  Cities   Price (10g)
  Chennai   Rs. 24500.00 (-0.33%)
  Mumbai   Rs. 25480.00 (-0.08%)
  Delhi   Rs. 25200.00 (0%)
  Kolkata   Rs. 25000.00 (0%)
  Kerala   Rs. 24400.00 (-0.41%)
  Bangalore   Rs. 24450.00 (0%)
  Hyderabad   Rs. 24580.00 (0%)
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