Morgan Stanley buys 3.13 crore shares of L&T Finance for Rs 534 crore via block deal
Morgan Stanley bought 3,13,29,540 equity shares in L&T Finance for over Rs 534 crore via a block deal on Thursday. Its Asian arm Morgan Stanley Asia Singapore PTE bought shares at a price of Rs 170.60 apiece, which was Wednesday's closing price on the BSE.
L&T Finance shares on Thursday ended at Rs 175.85, up Rs 5.25 or 3.08%.
Bain Capital offloaded 8.82 crore shares of the company via a block deal. According to reports, the private equity major, through its affiliates BC Asia Investment VI and BC Asia Growth Investment, has been planning a complete exit from L&T Finance by selling its existing stake via the block deal route.
However, the bulk deal data available on the BSE showed BC Asia Growth Investments selling 20,026,502 equity shares at a price of Rs 170.60.
Meanwhile, BNP Paribas Financial Markets sold 57,869,992 shares while buying 8,324,050 units.
Promoter Group Larsen & Toubro (L&T) also purchased 1.25 crore shares. It held 65.86% stake or 1,63,92,30,125 shares as per the March shareholding data.
As of March 2024, the company’s 34.14% equity rests in the hands of the public.
L&T Finance shares have surged 61% last year, while the stock gained 15% in two weeks alone. In the past 3 months, the stock has increased by 19.6% on charts.
Technically, the stock is performing well above all its significant moving averages and is standing at a mid-range level of around 61 on the RSI, as per the Trendlyne data.
In a late filing on Thursday, L&T Finance said, «The investment agreement dated September 21, 2015
