L&T Finance to raise $65m in Federal Bank stake sale: Source

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

L&T Finance, the financial services arm of Indian engineering conglomerate Larsen and Toubro, will sell 7.9 million shares, priced between Rs 450 and Rs 469.75 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.

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