L&T Finance Holdings through its wholly-owned subsidiaries announces the opening of Rs 2,998.61 crore right issue on February 1, 2021.
The company will issue up to 46,13,25,021 equity shares for cash, at a price of Rs 65 per equity share (including a premium of Rs 55 per equity share) not exceeding Rs. 2,998.61 crore on a rights basis to eligible equity shareholders.
The equity shares will be offered in the ratio of 17 equity share for every 74 equity share held by the eligible equity shareholders of the L&T Finance Holdings as on the record of January 22, 2021.
The issue will close on February 15, 2021.
The funds raised through the issue will be used to repay certain commercial papers issued by the company, infusion of funds in the company’s subsidiary, for repayment of certain commercial papers issued by such subsidiary, redemption of preference shares issued by the company and for general corporate purposes.