Kolkata, Sep 21 (IANS): L&T Finance Holdings (L&TFH) will be raising funds of nearly Rs.708 crore from private US-based equity firm Bain Capital by means of a preferential shares and warrants allotment, the company said on Monday.

The company's board has already approved the proposal to BC Investments VI and BC Asia Growth Investments - together known as BC Capital - which is subject to shareholders' and regulatory approvals.

Under the proposal, L&TFH will be allotting nearly 9.57 crore equity shares and warrants constituting 5.27 percent of the post-issue equity share capital on a fully diluted basis to the private equity firm.

"Subject to all necessary approvals, it is proposed to issue an aggregate of 9.57 crore equity shares and warrants at Rs.74 per equity share/warrant, amounting to an infusion of nearly Rs.708 crore in the company", L&TFH said in a statement.

The statement said the warrants may be exercised by Bain Capital within a period of 18 months from the date of allotment base on the company's capital requirement.

A postal ballot has been proposed to seek shareholder's approval.

According to the website of Boston, US based Bain Capital, the firm has approximately $75 billion in assets under management.

The investor firm's affiliated advisors make private equity, public equity, fixed income and credit, venture capital and absolute return investments across multiple sectors, industries and sector classes.