L&T Finance Holdings , a subsidiary of engineering and construction company Larsen and Toubro, will be listing its equity shares on exchanges on Friday, August 12. The company has fixed issue price at Rs 52 a share while the price band was 51-59 a share.The issue, which opened between July 27-29, was subscribed more than 5 times.
Reserved portion of retail investors was subscribed 9.61 times while non-institutional investors' portion got subscribed 6.18 times and qualified institutional buyers 1.93 times.
L&T Finance received Rs 1,245 crore through the issue. Parent company L&T's stake in the company reduced to 83% post issue.
Company intends to use issue proceeds for augmenting the capital base of L&T Finance and L&T Infra to meet the capital requirements arising out of expected growth in their assets, primarily the loan portfolio.
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