L&T Finance block deal: 3.5% equity changed hands; stocks gains over 4%

Shares of L&T Finance zoomed nearly 5 per cent to scale a fresh 52-week high of Rs 179 in Thursday’s trade (June 13, 2024) as 3.5 per cent equity in the counter changed hands on the BSE in the pre-opening block deal window.  After today's gains, the shares of L&T Finance have risen nearly 11 per cent in the past five days. In the past one year, the stock has surged 65 per cent as against 22.5 per cent rise in the BSE Sensex.

As per Zee Business research, Bain Capital may be the likely seller in a transaction estimated to be worth around Rs 1,530 crore. Reports, however, mentioned that BNP Paribas was also looking to dilute its stake in the company. As of March 31, 2024, BNP Paribas Financial Markets held 2.43 per cent stake in the investment company.

The floor price of the deal is pegged at around Rs 169.17 per share, translating into a nearly 1 per cent discount from the previous close. 

L&T Finance Q4FY24 results: 

The NBFC company reported a 10.54 per cent increase in its consolidated net profit to Rs 553.88 crore in the fourth quarter of the financial year 2023-24. However, the profit plunged over 13 per cent sequentially. Interest income came in at Rs 3,322 60 crore during the period. Net Interest Income (NII) of the company grew 14 per cent on-year in Q4FY24 to Rs 1,909 crore, as compared to Rs 1,679 crore in the previous year.

About L&T Finance 

Commanding a market cap of Rs 39,277 crore, L&T Finance is a midcap company. The company is an non-banking financial company (NBFC) offering personal loans, two-wheeler loans, home loans, rural business loans, farm loans, and SME loans.