trending Market Intelligence /marketintelligence/en/news-insights/trending/Ll_qAmCcj-tfsJTVkJqUDQ2 content esgSubNav
In This List

Report: Citigroup offloads L&T Finance Holdings stake via bulk deal

Blog

Insight Weekly: Bank boards lag on gender parity; future of office in doubt; US LNG exports leap

Blog

Insight Weekly: Job growth faces hurdles; shale firms sit on cash pile; Africa's lithium future

Podcast

Street Talk | Episode 99 - Higher rates punish bond portfolios, weigh on bank M&A

Blog

Insight Weekly: Loan growth picks up; US-China PE deals fall; France faces winter energy crunch


Report: Citigroup offloads L&T Finance Holdings stake via bulk deal

Citigroup Inc. sold about 43.1 million shares in India-based L&T Finance Holdings Ltd. through a bulk deal for 7.8 billion Indian rupees, Reuters reported Nov. 21, citing "a person with knowledge of the transaction."

Citigroup Global Markets Mauritius Pvt. Ltd., a unit of Citigroup, sold the shares at the bottom end of a price range of between 180.50 rupees and 188.05 rupees.

The unit initially planned to offload 39.2 million shares, or a 2.15% stake, in L&T Finance Holdings, Reuters noted from a term sheet.

About 20 investors participated in the bulk deal, for which Citigroup was the sole bookrunner.

The stake sale aimed partly reducing Citigroup Global Markets Mauritius' hedge position in connection with a total return swap between itself and Bain Capital.

As of Nov. 21, US$1 was equivalent to 64.91 Indian rupees.