L&T Finance sells 6% stake to Bain Capital for Rs 708 cr
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L&T Finance Holdings, the non banking finance arm of construction giant L&T, today sold stake worth about Rs 708 crore to Boston headquartered global PE giant Bain Capital. The fund will hold 6% stake in the company.
The NBFC issued about 96 million fresh shares to the PE fund at the price of Rs 74 a piece. The stock had closed at Rs 68.6 a share on Bombay Stock Exchange on Friday giving it a market cap of Rs 11,806 crore.
L&T Finance is expected to use the fresh infusion of equity for its growth. The company has four business verticals including infrastructure finance, retail finance, asset management and insurance distribution. In FY15, the company had book size of about Rs 23,000 crore and Rs 25,000 crore for retail finance and infrastructure finance respectively. Under its mutual fund arm, the company manages assets worth Rs 23,000 crore.
This is the first investment for Bain Capital in a financial services company in India. The PE firm has so far invested $1 billion in about half a dozen companies in India including Hero MotoCorp and Genpact.
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