Bain Capital Sells 2.82% Stake in L&T Finance Holdings for ₹910 Crore

Bain Capital Sells 2.82% Stake in L&T Finance Holdings for ₹910 Crore. Image/iStock

US-based investment firm Bain Capital has sold a 2.82% stake, equivalent to 70 million shares, in L&T Finance Holdings Ltd. through a block deal for ₹910 crore. The shares were sold at ₹130 apiece. Bain Capital previously held a 4.04% stake in L&T Finance Holdings through two entities, BC Asia Growth Investments and BC Investments Vi. Following the stake sale, Bain Capital’s shareholding in the company will decrease to 1.2%.

Several investors participated in the block deal, including BNP Paribas Arbitrage (1.46% stake), SBI Life Insurance Company Ltd (0.59% stake), DSP Blackrock Mutual Fund (0.47% stake), Bajaj Allianz Life Insurance Company Limited (0.13% stake), and Axis Mutual Fund (0.08% stake).

In August, Bain Capital had offered a 3.2% stake, or 79 million shares, in L&T Finance Holdings, with a floor price of ₹128.1 per share.

L&T Finance Holdings reported a significant year-on-year increase in its consolidated net profit for the first quarter of FY24, driven by steady growth in net interest margins. Revenue from operations also witnessed an increase during the period.

Please note that stock prices and financial figures are as of the date of the report and may have changed since then.

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