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L&T Finance Holdings Limited on Tuesday closed its rights issue of 2998.61 crore after it was oversubscribed by approximately 15%, the company said. Commenting on the success of rights issue, Dinanath Dubhashi, managing director & chief executive officer, L&T Finance Holdings said, "We are delighted that our rights issue was oversubscribed and we are thankful to our investors for their support. The response reflects the faith in the resilience of our business model which along with our AAA credit rating, and the strong backing of our parent, gives us the confidence of continuing on our path of creating a stable and sustainable organisation, for all our stakeholders."

The allotment of equity shares offered pursuant to the rights issue would take place on or about Tuesday, 23 February, 2021 and such equity shares shall be listed on the BSE Limited and National Stock Exchange of India Limited on or about Friday, 26 February, 2021, the NBFC said.

The leading private sector non-banking financial company opened its 2998.61 crore rights issue on 1 February and closed on 15 February. It fixed the price of 65 per fully paid-up share including a premium of 55 per share of face value 10. Rights entitlement ratio is 17:74 (17 equity shares for every 74 shares fully paid-up equity share held by the eligible equity shareholders of the company, as on the record date), the company earlier said.

The funds raised through the issue will be used to repay certain commercial papers issued by the company, infusion of funds in the company’s subsidiary, for repayment of certain commercial papers issued by such subsidiary, the redemption of preference shares issued by the company and for general corporate purposes, the company earlier said.

Axis Capital Limited, BOB Capital Markets Limited, Citigroup Global Markets India Private Limited, Credit Suisse Securities (India) Private Limited, HSBC Securities and Capital Markets (India) Private Limited, ICICI Securities Limited, Motilal Oswal Investment Advisors Limited, SBI Capital Markets Limited and UBS Securities India Private Limited acted as the lead managers to the issue, it added.

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