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L&T Finance Holdings, on Saturday, said its ₹2,998.61 crore rights issue will open on February 1, 2021.
“The company will issue up to 46.13 crore equity shares for cash, at a price of ₹65 per equity share (including a premium of ₹55 per equity share) not exceeding ₹2,998.61 crore on a rights basis to eligible equity shareholders in the ratio of 17 equity share for every 74 equity share held on the record date, that is January 22, 2021,” it said in a statement.
The funds raised through the issue will be used to repay certain commercial papers issued by L&T Finance, infusion of funds in its subsidiary, for repayment of certain commercial papers issued by such subsidiary, redemption of preference shares issued by the company and for general corporate purposes, it said in a statement.
Axis Capital, BOB Capital Markets, Citigroup Global Markets India, Credit Suisse Securities (India), HSBC Securities and Capital Markets (India), ICICI Securities, Motilal Oswal Investment Advisors, SBI Capital Markets and UBS Securities India are acting as the lead managers to the Issue.
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