Bain Capital lines up 7.9 crore L&T Finance shares for block trade

L&T Finance Holdings posted a 102.6 per cent jump in consolidated net profit at Rs 530.93 crore for the first quarter of FY24.

Bain Capital has offered 7.9 crore shares in L&T Finance Holdings Ltd for a block trade at a floor price of Rs 128.1 per share, CNBC-TV18 reported citing Bloomberg.

The US-based investment firm seeks $123 million through the block deal. Shares of L&T Finance Holdings on August 2 closed 2 percent lower at Rs 129.95 apiece on the BSE.

Bain Capital in June offloaded 0.75 percent stake in private lender Axis Bank Ltd for Rs 2,150 crore.

L&T Finance Holdings posted a massive 102.6 percent jump in consolidated net profit at Rs 530.93 crore for the first quarter of FY24, from Rs 262 crore a year ago, over steady growth in net interest margins. The company’s revenue from operations climbed 7.86 percent to Rs 3,223.3 crore in the June quarter of FY24 from Rs 2,988.4 crore a year back.

This website last month reported that Bain Capital had signed an agreement to buy 90 percent of Adani Capital and Adani Housing. Under the deal, Bain will acquire all of the Adani family's private investments in the company, with the incumbent chief executive Gaurav Gupta fully rolling his stake in the company and continuing to lead.

"I am very happy that a credible investor like Bain Capital is stepping in now and this will help the business grow manyfold from here,” Gautam Adani, Chairman, Adani Group, said in a statement.

The transaction is expected to close in the fourth quarter of this year, pending necessary regulatory and market approvals.