L&T Finance's Rs 3,000 Crore Rights Issue To Open On 1 February

On Monday, L&T Finance Holdings said that its board has fixed the price at Rs 65 per share for the Rs 3,000 crore rights issue which opens for subscription on 1 February.

According to a regulatory filing, the board has approved the price of Rs 65 per fully paid-up share including a premium of Rs 55 per share of face value Rs 10.

The company has fixed record date of 22 January 2021 for the purpose of determining the equity shareholders entitled to receive the rights entitlement, it said.

"Rights entitlement ratio is 17:74 (17 Equity Shares for every 74 shares fully paid-up Equity Share held by the eligible equity shareholders of the company, as on the record date). If the shareholding of any of the eligible equity shareholder is 5 or more, such shareholders will be entitled to at least 1 equity share," it said.

The rights issue closes on 15 February, it added.

Shares of L&T Finance Holdings closed 5.42% lower at Rs 99.55 ahead of the announcement.