L&T Finance Holdings rises on stake sale plan

The company is in talks to sell a minority stake to Bain Capital

Shares of L&T Finance Holdings has increased by 2% to Rs 62 on the BSE on reports stating that the financial services unit of engineering major L&T is in talks to sell a minority stake to Bain Capital, one of the world's leading private, alternative asset management firms. CLICK FOR FULL REPORT

On signing the deal, Bain Capital would have to pay approximately $350 million. The company desires to expand beyond business outsourcing and manufacturing and foray into financial services in India.

L&T Finance Holding opened at Rs 61 and touched a high of Rs 62 on the BSE. Meanwhile, L&T, its parent company, is trading higher by 2.5% and is currently quoting at Rs 1,709 on the BSE.