L&T Finance to raise funds worth Rs. 150 crore
L&T Finance Holdings is set to raise funds approximately of Rs. 150 crore through Cumulative Compulsorily Redeemable Non-Convertible Preference Shares (CRPS).
The directors of the company approved allotment of 1,50,00,000 Cumulative Compulsorily Redeemable Non-Convertible Preference Shares (CRPS) having face value of Rs. 100 each with a nominal amount of around Rs. 150 crore on a private placement basis. This decision was made at a meeting that took place on September 27, 2019.
Recently, SEBI dropped insider trading charges against Factorial Master Fund, which is a Cayman Islands-based company, believed to have aggressively traded in the scrip of L&T Finance Holdings.
L&T Finance Holdings is a financial holding company which has a diverse range of financial products and services to offer for the corporate, retail and infrastructure finance sectors. It also has mutual fund products and investment management services which are offered via its direct and indirect wholly-owned subsidiaries.
On Friday, the stock of the company closed at Rs. 93.15, down by 2.97 per cent or Rs. 2.85 per share. The 52-week high is Rs. 159.20 and 52-week low is Rs. 88.60 on BSE.