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L&T Finance Rises 4% After 8.82 Crore Shares Change Hands via Block Deal

June 13th, 2024 News

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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Blog

L&T Finance Rises 4% After 8.82 Crore Shares Change Hands via Block Deal

Key Highlights:

Transaction Details:

Historical Context:

Stock Performance:

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