Bain sells a 2.82% stake in L&T Fin
MUMBAI : L &T Finance Holdings Ltd shares ended the day 3% down at ₹126.80 after US-based investment firm Bain Capital sold a 2.82% stake or 70 million shares in the company for ₹910 crore through a block deal. The shares were sold at ₹130 apiece.
Bain Capital had held a 4.04% stake in L&T Finance through two entities, BC Asia Growth Investments and BC Investments Vi. Post the stake sale, Bain Capital will hold a 1.2% stake in the company.
Other investors who bought shares in the block deal include BNP Paribas Arbitrage, which bought a 1.46% stake; SBI Life Insurance Co. Ltd, which bought a 0.59% stake; DSP Blackrock Mutual Fund, which bought a 0.47% stake; Bajaj Allianz Life Insurance Co.
Ltd, which bought a 0.13% stake; and Axis Mutual Fund, which bought a 0.08% stake. In August, Bain Capital had offered 3.2% stake or 79 million shares in L&T Finance Holdings Ltd for block trade for which the floor price was set at ₹128.1 per share, reported Bloomberg.
L&T Finance Holdings Ltd reported a 102.6% jump in consolidated net profit at ₹530.93 crore for the first quarter of FY24, from ₹262 crore a year ago, on the back of steady growth in net interest margins. The company’s revenue from operations increased 7.86% to ₹3,223.3 crore in the June quarter of FY24, from RS 2,988.4 crore in Q1 FY23.
. Read more on livemint.com
