Investment firms Bain Capital and BNP Paribas are reportedly preparing to sell their shares in L&T Finance in a block deal valued at ₹1,530 crore.
What Happened: Bain Capital and BNP Paribas Financial Markets will sell their entire remaining stake in L&T Finance, amounting to 8.82 crore shares at ₹169.17 per share, representing a 0.85% discount to Wednesday’s closing price, ET reported citing sources. The sale, scheduled for Thursday, includes two Bain Capital entities—BC Asia Growth Investments and BC Investments VI—and BNP Paribas Financial Markets, collectively offloading a 3.54% stake.
See Also: Vijay Kedia-Backed Midcap Stock Surges 13% To Lead Nifty 500 Gainers
In September of the previous year, Bain Capital had already sold a 2.82% stake, equivalent to 7 crore shares, in L&T Finance for Rs 910 crore via a block deal, with the shares priced at Rs 130 each. Prior to this sale, Bain Capital held a 4.04% stake in L&T Finance through its entities. The September transaction reduced Bain Capital’s shareholding to 1.2%. As of March 31, 2024, BNP Paribas Financial Markets held a 2.43% stake in the non-banking financial company (NBFC).
Price Action: L&T Finance’s share price was up 3.47% to close at ₹170.62 on Wednesday.
Read Next: FIIs Bought Shares Worth ₹427 Cr As Nifty Hit Fresh Highs On Wednesday
Engineered by Benzinga Neuro, Edited by Utkarsh Roshan
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.