L&T Finance Holdings, a subsidiary of engineering giant Larsen & Toubro is entering into primary market with an Initial Public Offering (IPO) of — Equity Shares of Rs 10 each. The IPO is likely to open before the end of this month. The premium of the issue will be decided through a 100% Book Building Process. The price band for the issue has not been fixed yet. The company is likely to raise around Rs 1750 Crore through the issue. The issue consists of Rs 50 crore worth of equity shares reserved for employees and Rs 125 crore for L&T shareholders. 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.
The proceeds of the IPO are proposed to be utilized for repayment of intercorporate deposit issued by promoter to company (worth Rs 345 crore); and augmenting the capital base of L&T Finance (by infusing Rs 570 crore) and L&T Infra (by investing Rs 535 crore), to meet the capital adequacy requirements to support the future growth in their business.
The equity shares offered through the IPO are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
IPO Summary :-
IPO Open : Opening likely this month
IPO Type : 100% Book Built Issue IPO
IPO Size : —-Equity Shares of Rs 10 each
IPO Size : Rs 1750 Crore
Face Value : Rs 10 Per Equity Share
IPO Price : Rs – – Rs – Per Equity Share
Minimum Bid Quantity : — Shares (Rs.— with 1 Lot) @ upper level of price band
Maximum Bid Quantity : — Shares (Rs. —– with — Lots ) @ upper level of price band
Listing At : BSE, NSE
The Book running lead managers (BRLM) to the issue are JM Financial Consultants Private Limited, Citigroup Global Markets India Private Limited, HSBC Securities and Capital Markets (India) Private Limited, Barclays Securities (India) Private Limited and Credit Suisse Securities (India) Private Limited.
Registrar of the Issue : Sharepro Services Private Limited, Mumbai.
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