Money & Banking

L&T Finance to raise ₹2,999 crore via rights issue

Our Bureau. Mumbai | Updated on January 18, 2021

L&T Finance Holding Ltd (LTFHL), on Monday, said it will raise ₹2,999 crore via a rights issue in the entitlement ratio of 17:74 at ₹65 per equity share.

The rights issue will open on February 1 and close on February 15,. The rights issue price includes a premium of ₹55 per equity share.

As per the company’s regulatory filing, the rights entitlement ratio is 17:74 (17 equity shares for every 74 shares fully paid-up equity shares held by the eligible equity shareholders of the company, as on the record date, January 22).

 

If the shareholding of any of the eligible equity shareholder is 5 or more, such shareholders will be entitled to at least 1 equity share, the company said.

“For example, if an eligible equity shareholder holds 5 equity shares, such equity shareholder will be entitled to one equity share and will also be given a preferential consideration for the allotment of one additional equity share if such eligible equity shareholder has applied for additional equity shares, over and above his/her rights entitlements, subject to availability of equity shares in the rights issue post allocation towards rights entitlements applied for,” as per the filing.

The outstanding equity shares of LTHFL currently is at about 200.81 crore. This will increase to about 246.94 crore equity shares, post rights issue (assuming full subscription), the company said.

 

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Published on January 18, 2021
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