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Bain may partially exit L&T Finance; debt-laden Binani Cements attracts 15 suitors

21 November, 2017

Private equity giant Bain Capital Partners is looking to partially exit L&T Finance Holdings Ltd through a block deal, a business daily reported

Quoting an unnamed person, The Economic Times said that Bain Capital will sell a 2.12% stake for Rs 750 crore. “Bain Capital has given the mandate to Citibank to sell a 2.12% stake in L&T Finance at Rs 180-185 a share,” the person told ET.

In 2015, the private equity firm had picked up a 5.25% stake in L&T Finance from Larsen and Toubro Ltd for Rs 600 crore ($90 million), and an additional 5.27% stake through a preferential allotment of shares at Rs 75 apiece, for Rs 708 crore.

Binani Cement
Debt-laden Binani Cement Ltd has received interest from 15 suitors in response to a notification by the resolution professional, The Economic Times reported.

Besides overseas players, such as Dublin-based building materials company CRH, Lafarge and HeidelbergCement, nine domestic companies and three financial investors have shown interest, the report added.

The resolution professional has received a total claim of around Rs 7,500 crore from the lenders. The last date for submission of the resolution plan by the bidders will be 22 December. The estimated date of closure of the insolvency resolution process is set to take place by 21 January 2018.

Binani Cement, which is a subsidiary of Binani Industries Ltd, has an annual manufacturing capacity of 11.25 million tonnes, globally, with an integrated plant in India and China, and grinding units in Dubai, according to its website.

Fortum stake sale
Taaleri Plc has shown interest in buying a stake in Finnish energy firm Fortum Oyj’s solar power assets in India, Mint reported citing two people aware of the development.

Fortum India Pvt. Ltd has a solar power capacity of 215 megawatts, the report added.

Nasdaq, Helsinki-listed Taleeri is present across three business verticals – wealth management, financing and energy.

According to the company’s annual report, the group’s energy subsidiary Taleeri Energia Oy, which was established in July 2016, works across international energy infrastructure markets to seek new investment opportunities.

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Bain may partially exit L&T Finance; debt-laden Binani Cements attracts 15 suitors

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