L&T to offload 4.67% stake in Federal Bank
Agencies: Mumbai , Nov 26 2012, 21:00 IST
L&T Finance will offload its entire 4.67 per cent stake in the private sector lender Federal Bank for about Rs 300-350 crore.
L&T Finance, which held 79.95 lakh shares or 4.67 per cent stake in Federal Bank at the end of July-September quarter, would exit the banking entity, according to investment banking sources.
The shares would be sold through open market transactions in a day or two.
Investment banking sources said that L&T Finance Holdings Ltd, the NBFC arm of the engineering giant Larsen & Toubro, would fetch around Rs 300-350 crore from the deal.
The share-sale would be manged by Citigroup.
Shares of Federal Bank today closed at Rs 468.65 on the BSE, up 1.46 per cent from the previous close.
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