L&T Finance Ltd.

Bain Capital, Boston headquartered global private equity (PE) giant has acquired a 10.25% stake in L&T Finance Holdings in two separate deals on September, 21 for about Rs 1,370 crore.

Under the first deal, the non-banking-finace company issued 95.3 million fresh shares and warrants to the PE firm at Rs 74 a share. This transforms into a 5.3% stake in the company on a fully diluted basis, while in a separate deal, the NBFC’s promoter, construction giant Larsen & Toubro has sold an additional 85.2 million shares amounting to 4.95% stake in the company to Bain Capital in a block deal at Rs 70 a share.

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.