L&T Finance exits Federal Bank by selling 4.67% stake

L&T Finance exits Federal Bank by selling 4.67% stake Mumbai: L&T Finance Holdings Ltd Tuesday sold its entire 4.67 percent stake in private sector lender Federal Bank for about Rs 363 crore.

L&T Finance, the financial services arm of the engineering conglomerate Larsen & Toubro, held 79.95 lakh shares, or 4.67 percent stake, in Federal Bank at the end of the September quarter.

The shares were sold at an average price of Rs 453.65 aggregating the deal size to Rs 362.72 crore, as per bulk data available with the stock exchanges.

Meanwhile, HSBC Global Investment Funds has picked up 14.26 lakh shares of the private sector bank for Rs 453.65 apiece, translating into a deal worth Rs 64.63 crore.

L&T Finance is one of the various corporate entities that shown interest in applying for banking licence whenever the process begins.

At the BSE, shares of Federal Bank fell by 1.58 percent to settle at Rs 461.35, while L&T Finance' shares rose by 1.06 percent to close at Rs 76.05.

PTI