Bain Capital has offered 7.9 crore share in L&T Finance Holdings Ltd for block trade for which the floor price has been set at 128.1 per share, reported CNBC TV-18. The US-based investment firm seeks $123 million through the block deal. On August 2, shares of L&T Finance Holdings settled 2 per cent lower at ₹129.95 apiece on the BSE.
L&T Finance Holdings Ltd reported a 102.6 per cent jump in consolidated net profit at ₹530.93 crore for the first quarter of FY24, from ₹262 crore a year ago, on the back of steady growth in net interest margins. The company’s revenue from operations increased 7.86 per cent to ₹3,223.3 crore in the June quarter of FY24, from ₹2,988.4 crore in Q1 FY23.
Meanwhile, it was reported last month that Bain Capital agreed to acquire 90 per cent of the equity capital of Adani Capital, the shadow banking arm of the diversified Adani group, which lends to small businesses and for low-cost homes, but couldn’t make a mark since launch six years ago, according to news agency PTI.
The transaction value which is undisclosed includes buying out 100 per cent of the Adani family’s private investments in the company, with the incumbent chief executive Gaurav Gupta fully rolling his stake in the company and continuing to lead, said the report.
The transaction, which is expected to close in the fourth quarter of this year, aims to position Adani Capital as a standalone company to expand lending, said Bain. ‘I am very happy that a credible investor like Bain is stepping in now and this will help the business grow manifold from here,’ said Gautam Adani, chairman of the Adani group.
According to PTI, Bain’s investment follows other international investments by companies like GQG which raised its stake in Gautam Adani’s conglomerate by about 10 per cent in May.
