Shares of L&T Finance Ltd will be at focus during the trading session on Thursday as the US-based investment firm Bain Capital and BNP Paribas are likely to sell their stake worth Rs $180 million (Rs 1,500 crore) through block deals, suggest media reports.
Both the private equity investors are reported to sell their entire stake of 8.82 crore equity shares at a price of Rs 169.17 apiece, which is at a discount of about one per cent from its previous close. The stock had settled at Rs 170.60 on Wednesday, up 3.5 per cent for the day.
Two entities of Bain Capital — BC Asia Growth Investments and BC Investments VI — along with BNP Paribas Financial Markets, will together offload a 3.54 per cent stake of L&T Finance on Thursday. Shares of L&T Finance have gained about 10 per cent in the last one month.
Bain Capital sold a 2.82 per cent stake, or about 7 crore shares, of L&T Finance in September 2023. The then Rs 910 crore-block deal was executed at an average price of Rs 130 apiece. Until then, Bain Capital had held a 4.04 per cent stake in L&T Finance through BC Asia Growth Investments and BC Investments VI.
Subsequent to the September 2023 block deal, Bain Capital’s shareholding in L&T Finance fell to 1.2 per cent. BNP Paribas Financial Markets held 2.43 per cent stake in the financial services provider as of March 31, 2024.
L&T Finance reported a 10.54 per cent rise in its consolidated net profit on a year-on-year (YoY) basis at Rs 553.88 crore in the March 2024 quarter. The net interest income (NII) of the shadow-lender stood at Rs 1,909 crore in January-March 2024 quarter, up 14 per cent YoY.
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