Bain Capital sells 2.8% stake in L&T Finance Holdings for Rs 910 crore

On Tuesday, the US-based private equity firm Bain Capital sold a 2.8% stake in L&T Finance Holdings for Rs 910 crore through open market transactions. According to block deal data on the BSE, shares of L&T Finance Holdings were purchased by Axis Mutual Fund, DSP Blackrock Mutual Fund, Bajaj Allianz Life Insurance Company, SBI Life Insurance Company, Lakshmi Capital Investments, Key Square Master Fund LP, and BNP Paribas Arbitrage.

The shares of L&T Finance Holdings were sold by Bain Capital through its investment companies, BC Asia Growth Investments and BC Investments VI Ltd. As per block deal data available with the BSE, BC Asia Growth Investments and BC Investments VI Ltd offloaded a total of 7 crore shares in eight tranches, amounting to a 2.8 per cent stake in L&T Finance Holdings Ltd.

The shares were sold at an average price of Rs 130 apiece, taking the combined transaction value to Rs 910 crore. After the transaction, Bain Capital’s combined shareholding through its investment vehicles — BC Asia Growth Investments and BC Investments VI Ltd has declined to 1.24 per cent from 4.04 per cent stake.