Moneycontrol
Last Updated : Jan 31, 2018 08:08 PM IST | Source: Moneycontrol.com

Larsen & Toubro Q3 profit surges 53%, beats estimates

The Board of Directors of L&T Finance Holdings Limited (“LTFH”) has approved (subject to approval from its shareholders) the issue of equity shares up to Rs. 30,000 mn.

Issue of equity shares for up to Rs. 30,000 mn through Preferential Allotment to Larsen & Toubro Ltd. and Qualified Institutional Placement

The Board of Directors of L&T Finance Holdings Limited (“LTFH”) has approved (subject to approval from its shareholders) the issue of equity shares up to Rs. 30,000 mn.

The issue of equity shares is proposed to be undertaken through a preferential issue to Larsen & Toubro Limited (“L&T”) for up to Rs. 20,000 mn and through qualified institutions placement (“QIP”) for up to Rs. 10,000 mn. The issue of equity shares through a combination of QIP and preferential allotment, is being undertaken to enable LTFH to diversify its investor base and with an intention to maintain L&T’s shareholding.

The issued capital would be used for various purposes including but not limited to fund business growth, strengthening capital adequacy and general corporate purposes.
First Published on Jan 31, 2018 04:39 pm
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