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L&T Finance raises planned IPO size, mulls pre-IPO placement

L&T Finance raises planned IPO size, mulls pre-IPO placement
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First Published: Thu, Mar 31 2011. 08 06 PM IST
Updated: Thu, Mar 31 2011. 08 06 PM IST
Mumbai: L&T Finance Holdings Ltd, a unit of engineering and construction firm Larsen and Toubro (L&T) has raised the size of its planned initial public offering (IPO) to Rs1750 crore ($392 million), it said in a newspaper advertisement on Thursday.
It is considering raising up to Rs400 crore of this, through a pre-IPO share placement, it said.
The company has filed fresh documents with the markets regulator for approval.
It had filed documents in September to raise up to $333 million through the planned IPO, but was awaiting approval from the markets regulator Sebi.
In 2010, Indian firms raised a total of $8.56 billion through IPOs -- the highest since 2005, according to ThomsonReuters data, helped by a surge in foreign inflows from overseas investors seeking broader exposure to Asia’s third-largest economy.
HSBC , Citigroup , JM Financial , Barclays Capital , and Credit Suisse are the arrangers to the L&T Finance offer.
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First Published: Thu, Mar 31 2011. 08 06 PM IST