Shares of L&T Finance Holdings jumped over 3 percent in early trade on September 12 after 7 crore shares or a 2.8 percent stake changed hands in a block deal on the bourses.
The block deal was executed at an average floor price of Rs 130 apiece which took the transaction value at Rs 910 crore.
At 9.33 am, shares of L&T Finance Holdings were trading around 2 percent higher at Rs 133.20 on the NSE.
Follow our market blog for all the live action
Moneycontrol could not immediately ascertain the parties involved in the transaction. However, CNBC-TV18 had earlier reported citing sources that Bain Capital, which holds a stake in the non-bank lender under the name of BC Asia Growth Investments and BC Investments Vi was reportedly considering paring a 2.62 percent stake.
Sources familiar with the situation had indicated that the potential block deal could amount to approximately $102 million or Rs 850 crore, as reported by CNBC TV-18.
Through the two entities, Bain Capital holds a cumulative stake of 4.04 percent in L&T Finance as per the company's shareholding data at the end of the June quarter. Post the stake sale, Bain Capital will be left with around a 1.44 percent stake in the company.
Moreover, the report also stated Bain Capital's remaining stake in the non-bank finance company will also be locked in for a period of 90 days after this block deal, barring the investment firm from further paring shares for the stipulated time period.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
