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Stake Sale
L&T Finance Holdings Ltd proposes Preferential Issue of Equity Shares & Warrants to Bain Capital
Posted On : 2015-09-21 20:14:17( TIMEZONE : IST )
A meeting of the Board of Directors of L&T Finance Holdings Limited was held today to consider raise of capital by way of preferential issue of eligible securities under the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 as amended from time to time.
The Board of Directors has approved a preferential allotment of equity shares and warrants to BC Investments VI Ltd. and BC Asia Growth Investments (collectively referred to as Bain Capital) respectively, subject to approval from shareholders and relevant statutory / regulatory authorities. Subject to all necessary approvals, it is proposed to issue an aggregate of 9,56,57,961 equity shares and warrants at Rs 74 per share / warrant, amounting to an infusion of Rs 707,86,89,114 in the Company and constituting ~5.27% of the post issue equity share capital of the Company on a fully diluted basis.
An issue of 3,18,36,971 equity shares at a price of Rs 74 per share, amounting to an aggregate of Rs 235,59,35,854 and constituting ~1.75% of the post issue equity share capital on a fully diluted basis to BC Investments VI Ltd. (Bain Capital)
An issue of 6,38,20,990 warrants at a price of Rs 74 per warrant, amounting to an aggregate of Rs 472,27,53,260 and constituting ~3.51% of the post issue equity share capital on a fully diluted basis to BC Asia Growth Investments (Bain Capital).
The warrants may be exercised by Bain Capital within a period of 18 months from the allotment date or accelerated after 6 months from the date of allotment based on the Company's capital requirement.
The approval from shareholders of the Company for the preferential allotment of equity shares and warrants is proposed to be sought through a postal ballot.q
Shares of L&T FINANCE HOLDINGS LTD. was last trading in BSE at Rs.66.85 as compared to the previous close of Rs. 68.6. The total number of shares traded during the day was 5101560 in over 17283 trades.
The stock hit an intraday high of Rs. 69.5 and intraday low of 65.5. The net turnover during the day was Rs. 343401551.