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Bain Capital to sell 3.54% stake in L&T Finance

13 Jun 2024 , 03:09 PM

Bain Capital’s affiliates, BC Asia Investment VI and BC Asia Growth Investment, plan to sell their 3.54% investment in L&T Finance Holdings at a price of ₹169.17 per share, according to persons familiar with the matter.

This accounts for about 88.2 million shares and is part of a clean-up trade. Sources said it is set at a 0.85% discount to the current market price.

BNP Paribas Financial SNC will partner with Bain Capital on this transaction. According to sources, the deal is valued at ₹1,500 Crore as a base price.

L&T Finance Holdings Limited (LTFH), a major Non-Banking Financial Company (NBFC), provides a variety of financial products and services under the L&T Finance name via its subsidiary L&T Finance Ltd. (LTF).

The Company, headquartered in Mumbai, has received the highest credit rating for NBFCs, AAA, from four leading rating agencies. It has also won leadership scores and ratings from global and national Environmental, Social, and Governance (ESG) grading agencies for its sustainability performance. The company has also received numerous important accolades for its main CSR project, ‘Digital Sakhi’, which focuses on women’s empowerment as well as digital and financial inclusion.

At around 10.54 AM, L&T Finance was trading 3.96% higher at ₹177.38, against the previous close of ₹170.62 on NSE. The counter touched a new 52-week high of ₹179.18.

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