Bain Capital slashes stake in India's L&T Finance Holdings by more than half

L&T Finance

12/09/2023 15:42

BENGALURU, Sept 12 (Reuters) - Investment firm Bain
Capital sold more than half its stake in non-banking financial
company L&T Finance Holdings  LTFH.NS  in two block deals, data
from BSE India exchange showed on Tuesday. 
    BC Asia Growth Investments and BC Investments Vi, units of
U.S.-based Bain, offloaded about 70 million shares for 130
rupees apiece, a marginal discount to L&T Finance's closing
price on Monday. 
    Data from BSE India also showed that financial services firm
BNP Paribas bought about 36.4 million shares in L&T Finance in a
single block deal. 
    Shares of L&T Finance were down nearly 3% on Tuesday, the
biggest drop in nearly three weeks. They were up about 45% so
far this year. 
    There will be a 90-day lock-in period for Bain Capital from
selling further stake in L&T Finance after the block deal,
Indian broadcaster CNBC-TV18 reported earlier in the day, citing
sources. 
    In July, Bain Capital had entered an agreement to acquire a
90% stake in billionaire Gautam Adani-owned Adani Capital and
Adani Housing.
    The private equity firm is also in talks to buy a 10% stake
in snack food maker Haldiram's, Reuters reported last week.  

 (Reporting by Biplob Kumar Das in Bengaluru; Editing by
Shinjini Ganguli)
 ((Biplobkumar.das@thomsonreuters.com; 9101861583;))