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Bain Capital slashes stake in L&T Finance Holdings by more than half

Investment firm Bain Capital sold more than half its stake in non-banking financial company L&T Finance Holdings in two block deals, data from BSE India exchange showed on Tuesday

Bain capital
Shares of L&T Finance were down nearly 3% on Tuesday, the biggest drop in nearly three weeks. They were up about 45% so far this year.
Reuters BENGALURU
2 min read Last Updated : Sep 12 2023 | 9:55 PM IST

BENGALURU (Reuters) - Investment firm Bain Capital sold more than half its stake in non-banking financial company L&T Finance Holdings in two block deals, data from BSE India exchange showed on Tuesday.

BC Asia Growth Investments and BC Investments Vi, units of U.S.-based Bain, offloaded about 70 million shares for 130 rupees apiece, a marginal discount to L&T Finance's closing price on Monday.

Data from BSE India also showed that financial services firm BNP Paribas bought about 36.4 million shares in L&T Finance in a single block deal.

Shares of L&T Finance were down nearly 3% on Tuesday, the biggest drop in nearly three weeks. They were up about 45% so far this year.

There will be a 90-day lock-in period for Bain Capital from selling further stake in L&T Finance after the block deal, Indian broadcaster CNBC-TV18 reported earlier in the day, citing sources.

In July, Bain Capital had entered an agreement to acquire a 90% stake in billionaire Gautam Adani-owned Adani Capital and Adani Housing.

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The private equity firm is also in talks to buy a 10% stake in snack food maker Haldiram's, Reuters reported last week.

 

(Reporting by Biplob Kumar Das in Bengaluru; Editing by Shinjini Ganguli)

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Topics :Bain capitalL&T Finance

First Published: Sep 12 2023 | 9:55 PM IST

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