Federal Bank shares drop on stake sale by L&T Finance
Shares of Federal Bank declined today after reports that L&T finance sold shares to trim holdings in the company. The shares were last trading at Rs 461.40, down 1.57% on the Bombay Stock Exchange.
L&T Finance Holdings had said it plans to raise about $65 million by selling its 4.7% stake in the bank, according to a source and a term sheet obtained by Reuters.
Federal Bank is amongst the reputed private sector banks in the country, with a solid NRI client base.