L&T Finance places shares worth Rs 330cr with US PE fund

L&T Finance Holdings today said it has completed a private placement of shares aggregating to Rs 330 crore with the private equity fund of US-based Capital International.

"L&T Finance Holdings today completed the private placement of six crore equity shares at a price of Rs 55 per share aggregating to Rs 330 crore with the private equity fund of Capital International of the US," the company said in a statement here.

The L&T Group's financial services holding company offers a diverse range of products and services through its subsidiaries. Its operations are arranged into four business groups - infrastructure finance, retail finance, corporate finance and investment management Group.

"L&T is very happy to welcome the Capital International Private Equity Fund as a long-term investor in the financial services holding company," Y M Deosthalee, L&T CFO and Chairman L&T Finance Holdings, said in the statement.

L&T Finance Holdings has filed a Draft Red Herring Prospectus (DRHP) for a proposed initial public offering (IPO).

The company plans to raise around Rs 1,500 crore through the issue and would use the proceedings to expand its business by launching new products and services as well as entering new lines of businesses.

HSBC, Citigroup, JM Financial, Barclays Capital, and Credit Suisse are the lead managers to the issue.