Mumbai: L&T Finance Holdings has raised around Rs 160 crore ($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 US private-equity fund Capital International at Rs 56 each, IFR, a Thomson Reuters publication, said.
L&T Finance, a unit of Indian engineering conglomerate Larsen & Toubro, plans to raise Rs 1,245 crore ($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 330 crore ($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 1,575 crore.