U.S. private equity firm Bain Capital has acquired about a 10 percent stake in L&T Finance Holdings, the financial services arm of building firm Larsen & Toubro, a source familiar with the transaction said on Monday.
The source declined to be identified and did not provide details.
Bloomberg had earlier reported Bain was buying about 10 percent of L&T Finance for around $200 million through a combination of new shares and warrants, as well as existing shares, citing an interview with L&T Finance President N. Sivaraman.
L&T Finance had earlier announced it was selling a 5.27 percent stake in shares and warrants to Bain Capital for 7.08 billion rupees ($107.9 million).
In a separate filing, parent company Larsen & Toubro announced it had sold a stake representing 4.95 percent of existing shares for 5.97 billion rupees, but it did not disclose the buyers.
If you do not receive this within five minutes, please try and sign in again. If the problem persists, please
email: subscriptions@peimedia.com.