L&T Finance Raises Rs 300 Crore Via Non-Convertible Preference Shares
Indian five hundred rupee banknotes are arranged for a photograph in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

L&T Finance Raises Rs 300 Crore Via Non-Convertible Preference Shares

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L&T Finance Holdings Ltd. has issued non-convertible preference shares on a private placement basis to raise up to Rs 300 crore.

The company has issued up to 30,000,000 cumulative compulsorily redeemable non-convertible preference shares of Rs 100 face value aggregating up to Rs 300 crore on a private placement basis, L&T Finance Holdings said in a regulatory filing on Wednesday.

The preference shares carry dividend rate of 7.50 percent per annum payable annually.

L&T Finance shares fell 1.69 percent to Rs 116.25 apiece on the National Stock Exchange while the benchmark Nifty 50 gained 0.47 percent to end the day at 12,221.65 points.

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