Bain Capital and BNP Paribas Divest Stakes in L&T Finance

Bain Capital and BNP Paribas divested a combined 3.54 percent stake in L&T Finance for Rs 1,504 crore. Bain Capital offloaded its shares via affiliates, while BNP Paribas sold shares in eight tranches. Larsen & Toubro Ltd increased its stake in L&T Finance by acquiring additional shares.

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

Bain Capital, operating through BC Asia Growth Investments and BC Investments VI Ltd, and BNP Paribas, via BNP Paribas Financial Markets, offloaded shares on the BSE.

Block deal data shows Bain Capital affiliates sold over 3 crore shares, representing a combined 1.2 percent stake in L&T Finance. BNP Paribas sold over 5.78 crore shares in eight tranches, comprising a 2.32 percent stake in the company.

Shares were disposed of at Rs 170.6 apiece, totaling Rs 1,504.73 crore in transaction value. Larsen & Toubro Ltd, L&T Finance's promoter, purchased Rs 213 crore worth of shares, increasing its stake to 66.36 percent from 65.86 percent.

BNP Paribas Financial Markets also bought 83.24 lakh shares in a separate transaction. Other investors like Religare Mutual Fund, Axis MF, DSP BlackRock MF, Mirae Asset MF, Morgan Stanley Asia Singapore, and Goldman Sachs (Singapore) Pte - ODI were also buyers. L&T Finance shares rose 3.08 percent to close at Rs 175.85 on the BSE.

Separately, Citigroup Global Markets Mauritius sold InterGlobe Aviation shares for Rs 224 crore in an NSE block deal to Paris-based Societe Generale. InterGlobe Aviation shares settled flat at Rs 4,299.95 on the NSE.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)