US-based investment firm Bain Capital on Tuesday (September 12) sold a 2.82 percent stake in L&T Finance Holdings for Rs 910 crore.
BC Asia Growth Investments and BC Investments Vi, units of US-based Bain, offloaded about 70 million shares for Rs 130 apiece, data from BSE India showed.
BNP Paribas Arbitrage acquired a 1.46 percent stake, SBI Life Insurance Company Ltd purchased a 0.59 percent stake, DSP Blackrock Mutual Fund secured a 0.47 percent stake, Bajaj Allianz Life Insurance Company obtained a 0.13 percent stake, and Axis Mutual Fund added a 0.08 percent stake to their portfolios.
The deal confirms a CNBC-TV18 newsbreak which reported that Bain Capital, which holds a stake in L&T Finance Holdings Ltd. under the name of BC Invsts, is likely to sell a stake worth up to $102 million or Rs 850 crore via block deals, citing sources with knowledge of the matter.
Sources said that Bain Capital was likely to sell up to 6.5 crore shares or 2.62 percent of the total equity it holds in L&T Finance through these block deals.
The Floor price of the deal was said to be set at Rs 129.72 per share, which is a 0.6 percent discount on Monday's closing price. There will be a 90-day lock-in period for Bain Capital post this block deal for selling any further stake, the sources added.
As per the June quarter shareholding pattern, Bain Capital held a 4.04 percent stake in L&T Finance. Shares of L&T Finance Holdings have gained 45 percent so far in 2023, while over a 12-month period, those gains stand at 62 percent.
First Published: Sept 12, 2023 5:47 AM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
BJP is planning to ban RSS, says Shiv Sena (UBT) chief Uddhav Thackeray
May 18, 2024 8:01 PM
Punjab Lok Sabha elections: Complete list of Congress candidates
May 18, 2024 4:08 PM
Punjab Lok Sabha elections: Check full list of AAP candidates and constituencies
May 18, 2024 12:59 PM
PM Modi, Rahul Gandhi election rallies in Delhi today: Here are the routes to avoid
May 18, 2024 11:28 AM