L&T Finance To Raise Up To Rs 2,000 Crore To Fund Business Growth
L&T Finance Holdings Ltd. plans to raise Rs 2,000 crore by issuing preference shares via a public offer or private placement, the non-banking financial company said in its annual report for the financial year 2019-20.
The company said it would issue and allot 20 crore cumulative compulsorily redeemable non-convertible preference shares, of face value of Rs 100 each for cash at par or premium aggregating to Rs 2,000 crore. The preference shares will be allotted to various persons either through public offer or private placement in tranches.
The steady growth in the operations of L&T Finance's subsidiaries has necessitated regular infusion of equity and Tier I or Tier II debt.
"Being the holding company, the company would need to raise funds for such infusion. The company would also need funds for its working capital requirements, including redemption of preference shares from time to time," the company said.
The fundraising is subject to shareholders' approval.
In its board meeting held in March, the company had proposed amalgamation of L&T Infrastructure Finance Co. Ltd., L&T Housing Finance Ltd. and L&T Finance Ltd., to create a single unified leading entity with appointed date of April 1, 2020, requisite regulatory approvals, it said in the report.
On Friday, L&T Finance shares fell 2.17% to Rs 67.70 apiece on the BSE while the benchmark Sensex rose 0.50% to end the day at 36,021.42 points.
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