Bain Capital buys about 10 pct stake in India’s L&T Finance, says source: Reuters

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.