Bain Capital, trading under the name BC Invsts intends to sell its ownership stake, in L&T Finance Holdings through block deals. The company plans to divest up to 2.62 percent of its equity, which is estimated to be worth around $102 million. The shares will be sold at a floor price of Rs 129.72, per share. There will be a lock-in period of 90 days following the transaction.
Sources have indicated that Boston-based investment firm Bain Capital is considering selling its stake in L&T Finance Holdings Ltd., known as BC Invsts, through block deals. The estimated value of this stake sale could reach up to $102 million or approximately Rs 850 crore.
Bain Capital plans to sell 6.5 crore shares of L&T Finance, constituting 2.62 percent of its equity holding. The floor price for these block deals is expected to be set at Rs 129.72 per share, representing a discount of 0.6 percent compared to Monday’s closing price.
Additionally, it has been reported that Bain Capital will be subject to a 90-day lock-in period after completing this block deal, during which they are prohibited from selling any stake in L&T Finance. According to the shareholding pattern from the June quarter, Bain Capital currently holds a 4.04 percent stake in L&T Finance.
L&T Finance Holdings has shown impressive performance this year, with shares gaining 45 percent. When looking at the growth rate over the span of a year, this amounts to an impressive 62 percent increase.
Note-: Bain Capital focuses on a range of investment areas, including equity, venture capital, credit financing, and public equity investments. They also explore opportunities in impact investing and various technology sectors like life sciences and cryptocurrency.
As of 2022, the company manages approximately $165 billion in investor capital. It was founded by individuals with backgrounds at the consulting firm Bain &Company in 1984. The company’s headquarters is situated at 200 Clarendon Street in Boston and it also maintains offices across North America, Europe, Asia, and Australia.
Note-: Larsen &Toubro Ltd, also known as L&T, is a conglomerate headquartered in Mumbai and Chennai. The company operates across various sectors, including engineering, construction, manufacturing, technology, information technology (IT), and financial services. L&T has gained global recognition as one of the top five construction companies worldwide. It was established by Henning Holck Larsen and Søren Kristian Toubro, two engineers who found sanctuary in India.
