Temasek,Tata,Swiss Re gun for FL stake

Indian financial services firm First Leasing's 27.3% stake sale has caused a flurry of action.

Singapore’s sovereign fund Temasek Holdings,Swiss Re and India’s Tata Capital are in final-stage talks with Indian financial services firm A C Muthiah’s First Leasing Co. for a 27.3 percent stake sale,two sources with direct knowledge said.

A deal could be signed in a month,said the sources,who declined to be named as they were not authorised to speak to the media before a public announcement.

Bid prices were not immediately available,but the sources said the transaction could be at a substantial premium to the current market price.

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First Leasing shares were trading 4.2 percent higher at 102.30 rupees on Friday. Based on Thursday’s closing,a 27.3 percent stake would be valued at 610 million rupees ($13.6 million).

First Leasing,Swiss Re and Temasek were not immediately available for comment. Tata Capital declined comment.

First Leasing,which mainly focused on corporate financing,also provides lease assistance and funding. Its clients include Citibank ,Johnson & Johnson and Volvo,according to Thomson Reuters data. ($1 = 44.735 Indian Rupees)

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