3 Aug 2023 , 11:32 AM
Bain Capital has proposed a block deal to sell 7.9 crore shares in L&T Finance Holdings Ltd at a floor price of Rs 128.1 per share.
The block deal is expected to generate $123 million from the US-based investment business. In June, Bain Capital sold a 0.75% interest in private lender Axis Bank Ltd for Rs 2,150 crore.
L&T Finance Holdings reported a tremendous 102.6% increase in consolidated net profit for the first quarter of FY24, to Rs 530.93 crore from Rs 262 crore a year ago, owing to continuous improvement in net interest margins.
Revenue from operations increased 7.86% to Rs 3,223.3 crore in the June quarter of FY24, up from Rs 2,988.4 crore in the previous corresponding quarter.
Last month, it was announced that Bain Capital has agreed to buy 90% of Adani Capital and Adani Housing. Under the terms of the agreement, Bain would purchase all of the Adani family’s private investments in the company, with existing CEO Gaurav Gupta fully rolling his holding and continuing to lead.
At around 11.29 AM, L&T Finance Holdings was trading 2.19% lower, against the previous close of Rs 129.90 on NSE. The counter touched an intraday low of Rs 126.55.
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