Shares of L&T Finance Holdings, financial services arm of L&T, rose over 3 per cent in early trade on Bombay Stock Exchange (BSE) after its board approved the company's proposal to apply to the Reserve Bank of India (RBl) for a banking licence.
"The board of directors of the company at its meeting held on June 29, 2013, has approved the company's proposal to apply to the RBl for a licence to set up a bank in accordance with the guidelines for licensing of new banks in the private sector issued by the RBI," L&T Financial Holdings said in its filing to BSE.
Boosted by development, shares of country's leading NBFC gained as much as 3.63 per cent to trade at Rs 81.35 a piece on the BSE.
In a similar fashion, shares of the company spurted 2.16 per cent to Rs 80.40 a piece on National Stock Exchange.
Meanwhile, the broader benchmark Sensex was quoting at 19,480.42, up 84.61 points or 0.42 per cent at 10:00 hours.