L&T Finance Holdings Limited, one of the chief private sector Non-Banking Financial Company (NBFC) announced its opening of Rs 2,998.61 crore right issue on 1st February 2021.
The company will issue up to 46,13,25,021 equity shares for cash, at a price of Rs 65 per equity share (including a premium of Rs 55 per equity share) not crossing Rs. 2,998.61 crore on a rights basis to eligible equity shareholders.
The equity shares will be proposed in the ratio of 17 equity share for every 74 equity share held by the eligible equity shareholders of the L&T Finance Holdings as on the record date of 22nd January 2021.
The L&T Finance’s issue through its wholly-owned subsidiaries will close on February 15, 2021.
The funds raised through the issue will be utilized for the repayment of particular commercial papers issued by the company, infusion of funds in the company’s subsidiary, for repayment of certain commercial papers issued by such subsidiary, the redemption of preference shares issued by the company and for general corporate purposes.
All investors or eligible equity shareholders offering to apply in the Issue must refer to the Letter of Office on 19th January 2021, filed with BSE, NSE and SEBI.
Axis Capital Limited, BOB Capital Markets Limited, Citigroup Global Markets India Private Limited, Credit Suisse Securities (India) Private Limited, HSBC Securities and Capital Markets (India) Private Limited, ICICI Securities Limited, Motilal Oswal Investment Advisors Limited, SBI Capital Markets Limited and UBS Securities India Private Limited are performing the role of lead managers to the issue.
Shares of L&T Finance Holdings Ltd. was trading in BSE at Rs 86 against the previous close of Rs 85.75. The stock hit an intraday high of Rs 88.30 and low of Rs 85.25. The net turnover for the day was Rs 10,83,37,585.
