Bain Capital on June 13 offloaded its existing shares in L&T Finance through the block deal route, the latter said in a stock exchange filing.
The global private investment firm, through its two subsidiaries-BC Asia Growth Investments and BC Investments VI Limited, had entered into an investment agreement with L&T Finance in September 2015, the firm said in the statement.
Bain Capital had a stake of 3.59 percent before selling all its share, the exchange filing said. BC Investments VI Limited had subscribed to 3,18,36,971 equity shares of the company, while BC Asia Growth Investments had 6,38,20,990 shares.
The agreement stands terminated, the statement said.
Earlier in the day, moneycontrol had reported over 8.82 crore shares of L&T Finance Ltd changed hands in a block deal. Following the deal, shares of the company rose 5.2 percent to hit a new 52-week high of Rs 179.
Private equity major was planning to make a complete exit from L&T Finance by selling its existing stake via the block deal route, moneycontrol had reported on June 12.
According to the market capitalization of L&T Finance at the end of day's trade on June 1, a 3.54 percent stake in the firm is valued Rs 1,500 crore.
In September 2023, Bain Capital had offloaded 2.82 percent stake in L&T Finance for Rs 910 crore.
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