L&T Finance Holdings' Rs 1,750 crore initial public offering (IPO) will open on July 26 and will close on July 29, 2011.
The 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 its initial public offer (IPO), the company has sold over 6 crore shares at Rs 55 each.
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 IPO proceeds will be 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 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.
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