L&T Finance Holdings Ltd. has announced that its ₹2,998.61-crore rights issue will be opening on 1st February 2021. The issue will close on 15th Feb 2021. As per the announcement, up to 46,13,25,021 equity shares for cash will be issued by the company at a price of Rs 65 each (including a premium of Rs 55 per equity share) not exceeding Rs. 2,998.61 crore to eligible equity shareholders. The equity shares will be issued in the ratio of 17 shares for every 74 shares held by equity shareholders of the L&T Finance Holdings as of January 22, 2021.
The funds generated from the issue will be utilized to repay certain 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.
You can find all the necessary L&T Finance Rights Issue details in this article including the issue date and how to apply online.
Established in 2008, L&T Finance Holdings Limited is a non-banking financial company registered with RBI and is a core investment company (“NBFC-CIC”). L&T operates its financial services businesses through various wholly-owned subsidiaries. L&T Financial Services is the brand name behind L&T Finance Holdings Ltd. and is one of the leading private sector non-banking financial services companies in India.
L&T Finance has the support of a strong promoter, Larsen & Toubro Limited (“L&T”) which is one of the leading business conglomerates in India. It has its presence across various sectors such as power, infrastructure, heavy engineering, electrical and automation, financial services, IT, and technology services, power development, realty, construction, mining, shipbuilding, industrial machinery, and much more. The company has primarily categorized its business across four areas: Rural Finance, Housing Finance, Infrastructure Finance, and Investment Management.
L&T Finance has its presence across 21 states and one union territory and has a total of 206 branches in 199 cities.
|Opening date of the issue||1st February 2021 – 15th February 2021|
|Name of the security||L&T Finance Holdings Limited|
|Issue Size (in terms of Shares)||46.13 Crores|
|Issue Size (in terms of amount)||Rs. 2,998.61 Crores|
|Price of the issue||Rs. 65 per share|
|Face Value||Rs. 10 per share|
|Market Lot||1 per share|
|Listed at||BSE, NSE|
|Payment Terms||The full amount at a price of Rs.65 per Rights Equity Share|
|Hos it will be issued||17 shares for every 74 fully Paid-up Equity Shares held on the Record Date|
You can apply for L&T Finance Rights Issue in 2 ways:
The L&T Finance Rights Issue is available from 1st Feb 2021 to 15th Feb 2021.
The price for L&T Finance Rights Issue is set at ₹65 per share per equity share.
The funds raised from the Issue are supposed to be utilized: