Shares of L&T Finance Holdings were down over 3% at Rs 66.40 on concerns of expansion in equity capital after the board approved issue of shares and convertible warrants to Bain Capital.
The board approved issue of an aggregate of 3,18,36,971 equity shares at Rs 74 per share and 6,38,20,990 warrants also at a price of Rs 74 per warrant constituting 5.27% of the post issue equity share capital of the company subject to all necessary approvals, the company said in a release.
The total capital infusion post the issue of shares/warrants to Bain Capital amounts to Rs 707.87 crore, the release added.
The stock opened at Rs 69.50 and touched a low of Rs 65.50. At 12:50PM, nearly 100 million shares were traded on both the stock exchanges.
