L&T Finance IPO subscribed 1.99 times

The initial public offer of L&T Finance Holdings was subscribed 1.99 times on the day of issue.

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Showcasing strong investors appetite,the initial public offer of L&T Finance Holdings was subscribed 1.99 times on the final day of issue.

The company’s IPO received bids worth 42.6 crore shares,as against 21.45 crore shares on offer,as per data available on the National Stock Exchange till 1200 hours.

L&T Finance Holdings entered the capital markets with an IPO price band of Rs 51 to Rs 59 apiece. The issue,which opened for subscription on July 27,will close today.

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L&T Finance aims to mop up Rs 1,245 crore from the capital market. The company will issue 21.10 crore shares under the IPO and post-listing,parent Larsen & Toubro’s (L&T) stake in the company would come down to 83 per cent.

At present,parent firm L&T holds a 95.94 per cent stake in the company and the remaining 4.06 per cent is held by US-based private equity fund Capital International.

The IPO proceeds would be pumped into five L&T subsidiaries — L&T Infrastructure Company,L&T Finance,India Infrastructure Developers,L&T Investment Management and L&T Mutual Fund Trustees.

Citigroup,JM Financial and HSBC are the lead managers for the public issue.

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