L&T Finance Holdings done with preferential allotment to L&T, stocks up

NEW DELHI: L&T Finance Holdings (LTFH) on Thursday said it has completed the process of preferential allotment to Larsen & Toubro.

The allotment of 10,78,10,899 shares of Rs 10 each was made at the issue price of Rs 185.51. Through this issue, the promoter has infused additional capital of Rs 1,999.99 crore in the company.

Shares of L&T Finance Holdings and L&T closed at Rs 158.75 (up 0.67 per cent) and Rs 1,283 (up 1.60 per cent, respectively.

“The capital infused by the promoter will help fund the growth of LTFH’s focused lending businesses – rural finance, housing finance and wholesale finance, and further strengthen the capital adequacy of the company,” the company said in a release.

For the quarter to December 2017, LTFH announced consolidated profit of Rs 384 crore, a YoY growth of 42 per cent. RoE for Q3 FY18 was 15.91 per cent as against 12.81 per cent a year earlier – an improvement of 310 bps. Focused business book in the same quarter had grown by 26 per cent annually.

L&T Finance Holdings is a non-banking financial services holding company offering a range of financial products and services through its wholly-owned subsidiaries, namely L&T Finance, L&T Housing Finance, L&T Infrastructure Finance Company, L&T Investment Management and L&T Capital Markets.

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