L&T Finance Holdings has moved higher by over 3% at Rs 77.55, after the financial arm of engineering giant Larsen and Toubro sold 7.9 million shares of Federal Bank through bulk deals today. The company would receive around Rs 300-350 crore from the deal.
“L&T Finance Holdings, which held 7.99 million shares or 4.67% stake in Federal Bank at the end of July-September quarter, would exit the banking entity. The transaction is likely to be priced at Rs 450-469 per share,” the PTI report suggests.
The stock of L&T Finance Holdings has opened at Rs 76 and hit a high of Rs 77.80 on the BSE. Federal Bank, on the other hand, has dipped 3.4% at Rs 453 on the BSE.
