L&T Finance Holdings Raises Rs 2,998 Crore Through Rights Issue
Indian currency notes of Rs 2,000 denomination are arranged for a photograph in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

L&T Finance Holdings Raises Rs 2,998 Crore Through Rights Issue

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L&T Finance Holdings Ltd. on Tuesday said it has closed its rights issue and has raised over Rs 2,998 crore.

L&T Finance has closed its rights issue to raise Rs 2,998.61 crore. The rights issue was oversubscribed by approximately 15%, it said in a release.

The non-banking finance company is present in businesses, including rural finance, housing finance, infrastructure finance and investment management.

The allotment of shares will take place next week on the same day, the company said, adding the shares will be listed on BSE and NSE on or by February 26.

"We are delighted that our rights issue was oversubscribed and we are thankful to our investors for their support.

"The response reflects the faith in the resilience of our business model which along with our AAA credit rating, and the strong backing of our parent, gives us the confidence of continuing on our path of creating a stable and sustainable organisation for all our stakeholders," Dinanath Dubhashi, Managing Director and Chief Executive Officer, said.

Axis Capital, BOB Capital Markets, Citigroup Global Markets India, Credit Suisse Securities (India), HSBC Securities and Capital Markets (India), ICICI Securities, Motilal Oswal Investment Advisors, SBI Capital Markets and UBS Securities India were acting as the lead managers to the issue.

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