Mumbai: Shares of L&T Finance Holdings Ltd. ended the day 3% lower 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. 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. Following the stake sale, Bain Capital’s shareholding in the company will fall to 1.2%.
Investors who bought shares in the block deal include BNP Paribas Arbitrage, which bought a 1.46% stake; SBI Life Insurance Company Ltd, which bought a 0.59% stake; DSP Blackrock Mutual Fund, which bought a 0.47% stake; Bajaj Allianz Life Insurance Company Limited, 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 for which the floor price was set at ₹128.1 per share, according to a Bloomberg report.
L&T Finance Holdings reported a 102.6% year-on-year jump in its consolidated net profit to ₹530.93 crore for the first quarter of FY24, on the back of steady growth in net interest margins. Revenue from operations increased 7.86% to ₹3,223.3 crore in the June quarter of FY24.
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Updated: 12 Sep 2023, 09:43 PM IST