L&T Finance Holdings files DRHP for Rs 1750 cr IPO

L&T Finance Holdings, a subsidiary of L&T, has filed draft red herring prospectus with the market regulator Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) of Rs Rs 1,750 crore, including Rs 50 crore worth of equity shares reserved for employees and Rs 125 crore for L&T shareholders.

The company may raise up to Rs 400 crore via pre-IPO placement of up to 60 million shares.It is a financial holding company offering a diverse range of financial products and services across the corporate, retail and infrastructure finance sectors, as well as mutual fund products and investment management services, through direct and indirect wholly-owned subsidiaries.

L&T Finance Holdings’ wholly owned subsidiaries are L&T Infrastructure Finance Company Limited, L&T Finance Limited, L&T Investment Management Limited, L&T Mutual Fund Trustee Limited and India Infrastructure Developers Limited.Company intends to use issue proceeds for repayment of intercorporate deposit issued by promoter to company (worth Rs 345 crore); and augmenting the capital base of L&T Finance (by infusing Rs 570 crore) and L&T Infra (by investing Rs 535 crore), to meet the capital adequacy requirements to support the future growth in their business.

For the period of six months ended on September 2010, it has reported a net profit of Rs 203.53 crore on total income of Rs 957.96 crore.JM Financial Consultants Private Limited, Citigroup Global Markets India Private Limited, HSBC Securities and Capital Markets (India) Private Limited, Barclays Securities (India) Private Limited and Credit Suisse Securities (India) Private Limited are the book running lead managers to the issue. Equirus Capital Private Limited is the co-book running lead manager

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Category: IPO, Stock Market