Morgan Stanley buys 3.13 crore shares of L&T Finance for Rs 534 crore via block deal

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Morgan Stanley bought 3,13,29,540 equity shares in L&T Finance for over Rs 534 crore via a block deal on Thursday. Its Asian arm Morgan Stanley Asia Singapore PTE bought shares at a price of Rs 170.60 apiece, which was Wednesday’s closing price on the BSE.

L&T Finance shares on Thursday ended at Rs 175.85, up Rs 5.25 or 3.08%.

Bain Capital offloaded 8.82 crore shares of the company via a block deal. According to reports, the private equity major, through its affiliates BC Asia Investment VI and BC Asia Growth Investment, has been planning a complete exit from L&T Finance by selling its existing stake via the block deal route.

However, the bulk deal data available on the BSE showed BC Asia Growth Investments selling 20,026,502 equity shares at a price of Rs 170.60.

Meanwhile, BNP Paribas Financial Markets sold 57,869,992 shares while buying 8,324,050 units.Promoter Group Larsen & Toubro (L&T) also purchased 1.25 crore shares. It held 65.86% stake or 1,63,92,30,125 shares as per the March shareholding data.As of March 2024, the company’s 34.14% equity rests in the hands of the public.L&T Finance shares have surged 61% last year, while the stock gained 15% in two weeks alone. In the past 3 months, the stock has increased by 19.6% on charts.

Technically, the stock is performing well above all its significant moving averages and is standing at a mid-range level of around 61 on the RSI, as per the Trendlyne data.

In a late filing on Thursday, L&T Finance said, “The investment agreement dated September 21, 2015 entered into between BC Asia Growth Investments, BC Investments VI Limited (collectively referred to as “Bain Capital”) and the Company in relation to the acquisition of shares (directly or indirectly) by Bain Capital and the rights of Bain Capital in the Company, stands terminated effective today in accordance with the terms of the Investment Agreement”.

Also Read: Ambuja Cements to acquire 100% stake in Penna Cement for Rs 10,422 crore

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