L&T Finance to raise $65 mln in Federal Bank stake sale - Source

Last Updated: Mon, Nov 26, 2012 11:28 hrs

L&T Finance Holdings Ltd plans to raise about $65 million by selling its 4.7 percent stake in private sector lender Federal Bank , according to a source and a term sheet obtained by Reuters.

ce, the financial services arm of Indian engineering conglomerate Larsen and Toubro , 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.

More from Sify: