L&T Finance approves share allotment to BC Asia Growth Investments

The committee of directors of L&T Finance Holdings on Wednesday approved the allotment of 6.38 crore equity shares to BC Asia Growth Investments (of Bain Capital) pursuant to conversion of the warrants issued on December 18, 2015, on preferential basis. The convertible warrants were allotted at ₹74 a warrant. “Warrants may be exercised by Bain Capital within 18 months from the allotment date or accelerated after six months from the date of allotment based on the company’s capital requirement,” L&T Finance Holding had then said. Shares of L&T Finance Holdings slipped 1.3 per cent at ₹132.8 on the NSE.