L&T Finance Rises 4% After 8.82 Crore Shares Change Hands via Block Deal
At 10:20 am, L&T Finance share price was up 4.33%% at ₹178.01 on the NSE,
Shares of L&T Finance Ltd. saw a notable increase of over 4.333% to trade at ₹178.01 apiece on the NSE on Thursday, following a significant block deal involving nearly 8.82 crore shares.
Key Highlights:
- Block Deal: Nearly 8.82 crore shares changed hands.
- Price Movement: Shares rose over 3% to ₹175.90, peaking at ₹177.20.
- Market Reaction: The stock's movement outperformed the BSE Sensex's 0.48% rise.
Transaction Details:
The buyers and sellers involved in the transaction were not immediately identified. However, CNBC-TV18 reported that private equity major Bain Capital, through its affiliates BC Asia Investment VI and BC Asia Growth Investment, plans to exit completely from L&T Finance by selling its stake via the block deal route.
- Bain Capital's Divestment: Bain Capital is looking to divest its 3.54% stake at a floor price of ₹169.17 per share.
- Additional Seller: Joining Bain Capital in this transaction is BNP Paribas Financial SNC.
- Valuation: The deal carries a base price valuation of ₹1,500 crore.
Historical Context:
- September 2023: Bain Capital sold a 2.82% stake in L&T Finance for ₹910 crore, reducing its shareholding from 4.04% to 1.2%.
- Current Stakes: As of March 31, 2024, BNP Paribas Financial Markets held a 2.43% stake in the NBFC.
Stock Performance:
- Recent Performance: The L&T Finance stock has risen 13% in the last month.
- Year-to-Date Gain: The stock has gained 5% so far this year.
The strategic exit by Bain Capital and the participation of BNP Paribas Financial SNC in the block deal reflect significant shifts in L&T Finance's shareholder composition, underlining the dynamic nature of equity investments in the financial sector.
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