Bain Capital, BNP Paribas Sell 3.5% Stake In L&T Finance For ₹1,504 Crore

Bain Capital, BNP Paribas Sell 3.5% Stake In L&T Finance For ₹1,504 Crore

US-based Bain Capital through its affiliates, BC Asia Growth Investments and BC Investments VI Ltd, and BNP Paribas through its arm BNP Paribas Financial Markets offloaded shares of L&T Finance on the BSE.

PTIUpdated: Thursday, June 13, 2024, 08:24 PM IST
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Bain Capital, BNP Paribas Sell 3.5% Stake In L&T Finance For ₹1,504 Crore | File pic

Bain Capital and BNP Paribas on Thursday divested a combined 3.54 per cent stake in non-banking financial company firm L&T Finance for Rs 1,504 crore through open market transactions.

US-based Bain Capital through its affiliates, BC Asia Growth Investments and BC Investments VI Ltd, and BNP Paribas through its arm BNP Paribas Financial Markets offloaded shares of L&T Finance on the BSE.

According to the block deal data available with the BSE, BC Investments VI disposed of 1.03 crore shares of L&T Finance and BC Asia Growth Investments offloaded over 2 crore shares, representing a combined 1.2 per cent stake in the non-banking financial company (NBFC) firm.

BNP Paribas also sold more than 5.78 crore shares of L&T Finance in eight tranches, amounting to a 2.32 per cent stake in the Mumbai-based L&T Finance, as per the data on the BSE.

The shares were disposed of at an average price of Rs 170.6 apiece, taking the combined transaction value to Rs 1,504.73 crore.

Meanwhile, Larsen & Toubro Ltd, promoter of L&T Finance, picked up shares of the firm for Rs 213 crore.

As per the block deal data, L&T Ltd purchased 1.25 crore shares representing a 0.5 per cent stake in the firm.

The shares were purchased at the same price.

After the stake purchase, Larsen & Toubro Ltd increased its stakeholding in L&T Finance to 66.36 per cent from 65.86 per cent.

In addition, BNP Paribas Financial Markets picked up 83.24 lakh shares of L&T Finance in a separate transaction.

Religare Mutual Fund (MF), Axis MF, DSP BlackRock MF, Mirae Asset MF, Morgan Stanley Asia Singapore and Goldman Sachs (Singapore) Pte - ODI were also among the entities that bought shares in L&T Finance.

Shares of L&T Finance rose 3.08 per cent to close at Rs 175.85 per piece on the BSE.

In a separate block deal on the NSE, Citigroup Global Markets Mauritius sold shares of InterGlobe Aviation for Rs 224 crore through an open market transaction.

As per the block deal data on the National Stock Exchange (NSE), Citigroup Global Markets Mauritius sold 5,21,183 shares of InterGlobe Aviation, which runs the airline under brand IndiGo.

The shares were offloaded at an average price of Rs 4,300.40 apiece, taking the deal value to Rs 224.13 crore.

These shares were acquired by Paris-based financial services company Societe Generale at the same price.

The scrip of InterGlobe Aviation settled flat at Rs 4,299.95 apiece on the NSE.

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