L&T Finance IPO raises $36 mn from anchor investors: IFR

L&T Finance IPO raises $36 mn from anchor investors: IFR

Mumbai: L&T Finance Holdings has raised around 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 56 each, IFR, a Thomson Reuters publication, said.

L&T Finance, a unit of Indian engineering conglomerate Larsen & Toubro, plans to raise 1,245 crore ($280 million) in the public offering, and is seeking bids in the range of 51 to 59 a share.

Earlier this month, L&T Finance had raised 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 1,575 crore.

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