Shares of L&T Finance Ltd. jumped to their highest level in over six years after 3.5% equity changed hands in a large trade on Thursday.
The finance company's 8.82 crore shares changed hands at Rs 169.17 apiece in a bunch trade, Bloomberg reported. The total value of the stake sale is Rs 1,492 crore.
Bain Capital has exited L&T Finance after the large trade, whereas BNP Paribas trimmed its shareholding in the financier. Bain Capital is selling its stakes through BC Asia Growth Investments, and BC Investments VI Ltd., as per terms seen by Bloomberg.
As of June 12, L&T Finance has 248.89 crore total outstanding shares, of which 77.29 crore shares are available with public to trade, as per Bloomberg data.
However, buyers and sellers involved in the trade could not be ascertained at the time of writing this report.
On the BSE, shares of L&T Finance jumped as much as 5.02% during the day to Rs 179.18 apiece, the highest since Nov. 8, 2017. It was trading 3.81% higher at Rs 177.10, compared to a 0.27% advance in the benchmark Sensex at 11:13 a.m.
The share price has gained 60.46% in the last 12 months and 6.9% on a year-to-date basis. The total traded volume so far in the day stood at 411 times its 30-day average. The relative strength index was at 65.54.
Seventeen out of the 20 analysts tracking the company have a 'buy' rating on the stock and three suggest 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 6.3%.
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