US private equity fund Warburg Pincus is reported to have been in talks to buy a minimum of 25% stake in financial services firm L&T Finance Holdings.Reacting to the news, share prices of L&T Finance soared 7.8% to trade at ₹ 71.65 on Tuesday at the Bombay Stock Exchange (BSE).”Both Warburg Pincus and L&T Finance, which have agreed to a deal up to 25% stake, are now negotiating on the price,” a source close to the development told The Economic Times.A successful deal will result in L&T Finance offering fresh shares to Warburg, with parent company Larsen and Toubro (L&T) still remaining the majority stake holder.India’s largest engineering and constructions firm L&T has 72.95% stake in L&T Finance Holdings. L&T Finance earned a profit of ₹ 854.7 crore in the last fiscal year 2014-15.L&T is reported to have asked for a price of ₹ 83 per share, which takes the deal size to ₹ 3,574 crore.The company is expected to use funds raised from stake sale to strengthen its “capital base” and scaling up its operations in financing trucks, commercial vehicles and construction equipment.Responding to the reports of stake sale, L&T Finance said “As a part of routine investor relations exercise, we keep meeting investors from time to time. We have no further to comment.”Warburg Pincus is looking to expand its presence in financial services sector in the country. It had already invested in private banks such HDFC Bank and Kotak Mahindra Bank. It also holds a majority stake in non banking finance company Capital First.
Prime minister Sheikh Hasina. File PhotoAwami League president and prime minister Sheikh Hasina on Wednesday reiterated that she does not want to go to power by any means which may destabilise the present peaceful situation in the country.”I don’t have any desire to go to power by any means possible …if we can get elected by people’s vote then it’s Alhamdulillah. If we can’t retain power, there is no problem. Let peace prevail in the country,” she said.Sheikh Hasina said this while addressing the businessmen conference titled ‘Bangladesh towards peace and prosperity’ at Bangabandhu International Conference Centre (BICC) organised by the Federation of Bangladesh Chambers of Commerce and Industries (FBCCI).She said her party wants to see a peaceful election in the country as many political parties are contesting the 11th general election.The AL president said a beautiful and peaceful situation is prevailing in the country. “Let the election be held maintaining this peaceful atmosphere, the party which will get the people’s mandate will be there in power,” she said.The prime minister said she wanted the people of the country to cast their votes peacefully and choose their desired government. “Let that environment prevail in the country… I do want that.”Hasina mentioned if the peaceful situation prevails in the country the country will advance further.She sought support from the businesses community for the ‘Boat’ to maintain the pace of development and finish the incomplete development projects to make the country developed and prosperous one.”As we’ve taken many projects including some mega projects, we need more time to complete those,” Hasina said.Mentioning the private sector as the driving force of the economy, she said the private sector will be the key player while the government will act as the facilitator.Hasina said the drive against militancy, terrorism and drugs will continue while the government will show zero tolerance against corruption.Former FBCCI presidents Mahbubur Rahman, Salman F Rahman, Mir Nasir Hossain and AK Azad, and Rokeya Afzal Rahman, Metropolitan Chamber of Commerce and Chamber (MCCI) president Nihat Kabir, Bangladesh Garments Manufacturers and Exporters Association (BGMEA) president Siddiqur Rahman, Alhaj Sufi M Mizanur Rahman, Incepta Pharmaceuticals managing director Abdul Muktadir, ACI chairman Anis Ud Dowla, GP CEO Michael Foley, managing director of Microsoft Bangladesh Sonia Bashir Kabir, City Group chairman Fazlur Rahman and Bangladesh Association of Software and Information Services (BASIS) president Syed Almas Kabir also spoke at the programme.It was also addressed by president of Leather Goods And Footwear Manufacturer & Exporter’s Association of Bangladesh (LFMEAB) Saiful Islam, Dhaka Chamber of Commerce and Industry (DCCI) Abul Kashem Khan, Bashundhara Group chairman Ahmed Akbar Sobhan, Berger Paints managing director Rupali Chowdhury, Mohammadi Group managing director Rubana Haq, AKM Selim Osman, MP, former president of BGMEA engineer Kutub Uddin Ahmed, Tipu Munshi, MP, former BGMEA president Atiqul Islam, Anwar Group managing director Manwar Hossain, Abdul Momen, Sugar Refinery chairman Mainuddin Momen, BSRM Group chairman Ali Hossain Akbar FCA, former BGMEA president Anwarul Alam Chowdhury Parvez, Dokan Malik Samity president Helal Uddin and Captain Anisur Rahman Sinha of Opex Group. FBCCI president Md. Shafiul Islam (Mohiuddin) moderated it.