L&T Finance Holdings’ board okays rights issue up to Rs 3,000 cr

The board of L&T Finance Holdings on Monday approved raising Rs 3,000 crore through rights issue.

The company in its regulatory filing on Monday said for the purpose of giving effect to the rights issue, the detailed terms in relation to the issue, including the issue price, rights entitlement ratio, record date, timing and terms of payment will be determined in due course.

“The board approved the offer and issuance of fully paid-up equity shares of the company for an amount not exceeding Rs 3,000 crore by way of a rights issue to the eligible equity shareholders of the company as on the record date,” it said.

At 11.34 a.m., the shares of L&T Finance Holdings were trading at Rs 67.05, lower by 0.81 per cent from its previous close.