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Shares in private sector lender Federal Bank Ltd fall 2.5 percent after L&T Finance Holdings Ltd sold 7.99 million shares in the bank at an average price of Rs 453.37.
L&T Finance on Monday said it plans to raise about USD 65 million by selling its 4.7 percent stake in the bank, according to a source and a term sheet obtained by Reuters.
Dealers say less bids at top end of the price range for block sale is keeping the stock under pressure.
L&T Finance stock price
On March 27, 2015, L&T Finance Holdings closed at Rs 61.35, down Rs 0.6, or 0.97 percent. The 52-week high of the share was Rs 83.20 and the 52-week low was Rs 59.75.
The company's trailing 12-month (TTM) EPS was at Rs 0.42 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 146.07. The latest book value of the company is Rs 20.51 per share. At current value, the price-to-book value of the company is 2.99.
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