Infrastructure Leasing & Financial Services Ltd (IL&FS) has kicked off a due diligence exercise and is looking at the books of Centurion Bank with a view to buying a 26.2 per cent stake in the bank on behalf of a client. This is the block of shares owned by TCFC Finance Ltd (TFL) which has been put up for sale. Sources familiar with the development say the deal could also be for one of the funds managed by IL&FS.
IL&FS is not dealing with the bank directly. The negotiations are being coordinated by the Interna- tional Finance Corporation (IFC), Washington, which holds a 8.36 per cent stake in the bank.
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