MUMBAI: L&T Finance Holdings has raised around Rs 1.6 billion ($36 million) by selling shares to cornerstone investors of an initial public offering that opens on Wednesday,IFR reported on Tuesday.
The company sold shares to DSP BlackRock, and investment arms of Malaysia's Khazanah and U.S. private-equity fund Capital International at 56 rupees each, IFR, a Thomson Reuters publication, said.
L&T Finance, a unit of Indian engineering conglomerateLarsen & Toubro , plans to raise Rs 12.45 billion ($280 million) in the public offering, and is seeking bids in the range of Rs 51 to Rs 59 a share.
Earlier this month, L&T Finance had raised Rs 3.3 billion ($75 million) in a pre-IPO share placement to Capital International. Including the pre-IPO placement, L&T Finance is set to raise a total of Rs 15.75 billion.
The company sold shares to DSP BlackRock, and investment arms of Malaysia's Khazanah and U.S. private-equity fund Capital International at 56 rupees each, IFR, a Thomson Reuters publication, said.
L&T Finance, a unit of Indian engineering conglomerateLarsen & Toubro , plans to raise Rs 12.45 billion ($280 million) in the public offering, and is seeking bids in the range of Rs 51 to Rs 59 a share.
Earlier this month, L&T Finance had raised Rs 3.3 billion ($75 million) in a pre-IPO share placement to Capital International. Including the pre-IPO placement, L&T Finance is set to raise a total of Rs 15.75 billion.