Comments
L&T Finance Holdings took a sharp beating on Tuesday after 1.9 per cent of the company’s equity changed hands in an early morning block deal trade.
According to block deal data on the NSE, Citigroup Global Markets sold 3.5 crore shares at an average price of ₹181.51. However, the buyers name was not immediately known.
The stock’s 52-week high and low prices are ₹213.60 (registered on October 24) and ₹81 (December 12, 2016).
At the end of September 2017, Citigroup Global Markets was holding 10.04 crore shares (or 5.51 per cent stake) in the company.
The stake-sale had happened at a discount of about 3.5 per cent to the stock’s Monday close (₹187.95).
About 8.90 crore shares changed hands on the NSE, compared with a two-week average of about 33 lakh shares.
On the BSE, 1.23 crore shares were traded against the two-week average of 5.11 lakh shares.
Bain Capital’s move It was reported that private equity firm Bain Capital would be raising ₹750 crore by selling 2.12 per cent or about a fifth of its holding in L&T Finance Holdings through block deal. The deal would fetch Bain Capital about 150 per cent returns on its two-year-old investment in the non-banking finance company.
The PE firm currently owns 10.72 per cent in L&T Finance Holdings. Bain had bought the stake at around ₹75 a share.
Bain Capital is the only PE investor in L&T Finance Holdings, which is an arm of L&T. The engineering major owns 64.21 per cent stake in L&T Finance Holdings.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.