June 09, 2011 / 15:06 IST
L&T Finance Holdings, an arm of engineering and construction company Larsen & Toubro, will launch its Rs 1,750 crore initial public offer (IPO) in June, reports CNBC-TV18 quoting DowJones sources. The company will meet local investors next week ahead of the planned IPO.
The issue consists of Rs 50 crore worth of equity shares reserved for employees and Rs 125 crore for L&T shareholders. It 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, through direct and indirect wholly-owned subsidiaries.L&T Finance Holdings' wholly owned subsidiaries are L&T Infrastructure Finance Company Limited, L&T Finance Limited, L&T Investment Management Limited, L&T Mutual Fund Trustee Limited and India Infrastructure Developers Limited.Company intends to use issue proceeds 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.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 are the book running lead managers to the issue. Equirus Capital Private Limited is the co-book running lead manager. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
