IPO News

Larsen & Turbo to release Rs 2,998.61 crore right issue

L&T Finance and Holdings announced the opening of worth Rs 2,998.61 crore right issue on February 1, 2021. The issue will remain open from February 1 to February 15, 2021.

The company will issue around 46,13,25,021 equity shares for cash.

The price would be Rs 65 per equity share. However, it will not exceed Rs 2,998.61 crore on a right basis to eligible equity stakeholders.

Further, this equity price also includes a minimum premium amount of Rs 55 per equity share.

The company will offer equity shares in the ratio of 17:74, that is 17 equity shares for every 74 equity shares held by the eligible stakeholder of L&T as on January 22,2021.

Company will utilise the funds raised through the issue to repay certain commercial papers. Funds will be further used for repayment of certain commercial papers issued by subsidiary.

Further, the funds will also be used to vindicate preference shares issued by the company and for general corporate purposes.

There are nine lead managers operating in the issue.

The lead managers are Axis Capital Limited, BOB Capital Markets Limited, Citigroup Global Markets India Private Limited, Credit Suisse Securities (India) Private Limited, HSBC Securities and Capital Markets (India) Private Limited.

Lead mangers’ list also includes ICICI Securities Limited, Motilal Oswal Investment Advisors Limited, SBI Capital Markets Limited and UBS Securities India Private Limited.

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