BNP Paribas Financial Market divested stake worth Rs 986 crore in L&T Finance Ltd. via open market deals on Thursday.
BNP Paribas sold 5.78 crore shares representing 2.33% stake at Rs 170.6 per share, according to block data on the BSE.
While BC Investments Vi sold 0.41% stake representing 1.03 crore shares, BC Asia Growth Investments sold 2 crore shares comprising 0.8% at Rs 170.6 apiece.
Bain Capital, through BC Asia Growth Investments and BC Investments VI, has exited the company, according to an exchange filing on Thursday.
Morgan Stanley Asia Singapore Pte was among the buyers and acquired 1.36% stake for Rs 574 crore.
BNP Paribas Financial Market divested stake worth Rs 986 crore in L&T Finance Ltd. via open market deals on Thursday. On the other hand, promoter Larsen & Toubro Ltd. acquired additional stake in the company.
BNP Paribas sold 5.78 crore shares representing 2.33% stake at Rs 170.6 per share, according to block data on the BSE. While BC Investments Vi sold 0.41% stake representing 1.03 crore shares, BC Asia Growth Investments sold 2 crore shares comprising 0.8% at Rs 170.6 apiece.
Bain Capital, through BC Asia Growth Investments and BC Investments VI, has exited the company, according to an exchange filing on Thursday. It has terminated the investment agreement signed in 2015. After the termination, Pavinder Singh ceases to be Nominee Director on the board of L&T Finance.
Morgan Stanley Asia Singapore Pte was among the buyers and acquired 1.36% stake for Rs 574 crore. Larsen & Toubro also bought 0.5% stake for Rs 213 crore. Other buyers included Goldman Sachs (Singapore) Pte, Axis Mutual Fund and Mirae Asset Mutual Fund.
Larsen & Toubro held 65.86% and BNP Paribas Financial Markets-Odi held a total of 2.43% stake in L&T Finance as of March 2024, according to data on BSE.
Shares of L&T Finance closed 3.08% higher at Rs 175.85 per share, as compared with a 0.27% advance in the BSE Sensex.
