L&T Finance to raise funds worth Rs. 150 crore

Shares of L&T Finance Holdings fell 3.21 per cent at closing hours on Tuesday, however, it will be in focus in the upcoming session on fund raising announcement.

L&T Finance Holdings has received an approval for the offer and issuance of up to 150,00,000 Cumulative Compulsorily Redeemable Non-Convertible Preference Shares (CRPS) of face value of Rs. 100 at par aggregating to a nominal amount of up to Rs. 150 crore on a private placement basis at the dividend rate of 7.95 per cent per annum payable annually. The Committee of Directors of the company has approved the same.

L&T Finance Holdings 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.

On Tuesday, the shares of L&T Finance Holdings had opened at Rs. 91.85 against Monday’s close of Rs. 94.90. At closing hours, it was trading at Rs. 91.85, losing 3.21 per cent from its previous close. The stock hit an intraday high of Rs. 95.55 and intraday low was Rs. 91.55. Its 52-week high was Rs. 160 and 52-week low was Rs. 88.60 per share on the BSE.