Private equity major Bain Capital is planning to make a complete exit from L&T Finance by selling its existing stake via the block deal route, multiple persons in the know told Moneycontrol on the condition of anonymity.
"A clutch of entities related to Bain Capital which hold around 3.54 per cent stake are gearing up to dilute stake through a block deal," said one of the persons quoted above.
Based on the market cap 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.
A second person said the proposed block deal had been launched and investment bank BNP Paribas was acting as the advisor. "It's a clean up trade," he added.
A third person confirmed the above plans and said the floor price was Rs 169.17 per share, a 0.85 percent discount to the last closing price of Rs 170.62 per share.
Moneycontrol has also reviewed a copy of the deal termsheet.
In September 2023, Bain Capital had sold 2.82 percent stake in L&T Finance for Rs 910 crore. The L&T Finance stock has risen by 8.49 percent in the last one month.
Bain Capital and BNP Paribas couldn't be reached for an immediate comment. This article will be updated as soon as we hear from them.
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