L&T Finance to raise Rs 1,275 crore via IPO

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L&T Finance to raise Rs 1,275 crore via IPO
L&T Finance, the wholly owned subsidiary of Indian engineering conglomerate Larsen & Toubro Limited plans to raise Rs 1,275 crore via Initial Public Offer (IPO).

The issue will be opened for subscription between July 27, 2011 and July 29, 2011.

The company has set a price band at Rs 51-59 per share for its initial public offering.

L&T Finance offers a spectrum of financial products and services for trade, industry and agriculture. It operates through four units by covering mutual fund, asset financing, infrastructure financing and working capital funding businesses.

L&T had already raised Rs 330 crore earlier this month via pre-IPO placement to U.S. private equity fund Capital International and now it aims to collect Rs 1,075 crore via IPO.

The company plans to use the issue proceeds for increasing the capital base of L&T Finance and L&T Infra to meet the capital requirements.

JM Financial, HSBC, Citigroup, Barclays Capital and Credit Suisse are the book-runners to the issue.

OneIndia Money

Read more about: ipo, mutual funds, larsen and toubro
Story first published: Thursday, July 21, 2011, 16:58 [IST]
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