L&T Finance Holdings raises Rs 330 crore ahead of IPO

08 Jul 2011

Larsen & Toubro’s (L&T) financial services unit - L&T Finance Holdings’ has raised Rs 330 crore ($75 million) through a share placement to US private equity fund Capital International, ahead of an initial public offer (IPO). The financial service unit of the company has sold over 6 crore shares at Rs 55 each.

Recently, L&T Finance Holdings’ initial public offer (IPO) is likely to hit the capital market on July 19. The existing L&T shareholders may get 7.14 percent reservation in the IPO. L&T Finance Holdings - had filed the draft red hearing prospectus (DRHP) with market regulator SEBI for raising Rs 1,750 crore from the initial public offer (IPO). Earlier in September 2010, it had planned for Rs 1,500 crore IPO. But now the company has increased the size of the IPO from Rs 1500 crore to Rs 1,750 crore.

The company had received all necessary approvals from the government. The IPO proceeds will used to augment the capital base of L&T Finance and L&T Infra to meet the capital requirements arising out of expected growth in their assets, primarily the loan portfolio, and for other general corporate purposes. JM Financial, Citigroup and HSBC are among the book running lead manager to the issue.

L&T Finance Holding, a leading non-banking finance firm. Mumbai headquartered, L&T Finance is a financial holding company offering a diverse range of financial products and services across the corporate, retail and infrastructure finance sectors, as well as mutual fund products and investment management services, through its direct and indirect wholly-owned subsidiaries.

Related Larsen & Toubro Ltd. Links:

Larsen & Toubro Share Price

1415.50 30.55 (2.21%) May 14, 18:01
1 Year Price Chart
Peers
Company Name CMP
Larsen & Toubro 1415.50
Rail Vikas Nigam 29.20
KEC International 388.40
NCC 78.55
PNC Infratech 228.55
View more..
Sensex vs Larsen & Toubro
Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323

Callback