L&T Finance shares rise 5% as Bain likely exits after 8.82 crore shares change hands

L&T Finance shares have rallied 9 percent in one week.

Around 8.82 crore shares of L&T Finance Limited changed hands in a block deal on June 13. Following the deal, shares of the company rose 5.2 percent to hit a new 52-week high of Rs 179. The floor price is at a 0.85 percent discount to the last closing price of Rs 170.62 per share.

While Moneycontrol couldn't ascertain the buyers and sellers in the deal, we reported citing sources that private equity major Bain Capital was planning to make a complete exit from the company by selling its existing stake via the block deal route.

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In September last year, Bain Capital sold a 2.82 percent stake, equivalent to 7 crore shares, in L&T Finance for Rs 910 crore through a block deal. The shares were sold at Rs 130 each. Prior to this transaction, Bain Capital held a 4.04 percent stake in L&T Finance through BC Asia Growth Investments and BC Investments VI. After the sale, Bain Capital's shareholding in the company decreased to 1.2 percent.

On April 27, L&T Finance, a non-bank lender, reported a 10.54 percent rise in its consolidated net profit to Rs 553.88 crore for the fourth quarter of the financial year 2023-24. However, on a sequential basis, the net profit fell by 13.5 percent.

In the January-March quarter, the company's interest income stood at Rs 3,322.60 crore. The Net Interest Income (NII) for Q4 FY24 was Rs 1,909 crore, compared to Rs 1,679 crore in the previous year, marking a 14 percent increase year-over-year.

At about 9:40 am, shares of the company were trading at Rs 177, up 3.7 percent from the last close on the NSE. L&T Finance shares have rallied 9 percent in one week.

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