L&T Finance Holdings , a subsidiary of engineering and construction company L&T ,aims to garner Rs 1,075 crore through Initial Public Offering. The company on thursday, 20th Jul'2011 has fixed the price band of the IPO in between Rs 51 - 59 and the issue will be opened for subscription during July 27 and 29, 2011.
L&T Finance plans to sell shares worth about 1.60 billion rupees to anchor, or cornerstone, investors, said N. Sivaraman, senior vice president of financial services at Larsen & Toubro. This placement will reduce the net issue to the public.The issue, including the pre-IPO placement of shares and those to cornerstone investors, will result in a dilution of about 17% in the company's post-issue paid-up capital, said L&T Chief Financial Officer Y.M. Deosthalee.
The L&T Finance offering is being eagerly awaited as analysts term it a quality one with a strong parentage. Credit raiting agencies like CARE and ICRA have rated the IPO a full on 5/5, indicating that the fundamentals of the company are strong and indicate that he investors can apply for the shares of the company in the IPO. The ipo will be done through the book building process and the shares of the company will be listed on both the major stock exchanges of the country i.e., NSE and BSE
The Details of the BRLMs & Syndicate Members and other detials of the issue are given below:
- JM Financial Consultants Private Limited, Citigroup Global Markets India Private Limited and HSBC Securities and Capital Markets (India) Private Limited joint global co-ordinators as well as book running lead managers (BRLMs) to the issue.
Barclays Securities (India) Private Limited and Credit Suisse Securities (India) Private Limited too are book running lead managers. Equirus Capital Private Limited is the co-book running lead manager.
Syndicate Member JM Financial Services P. Ltd/SMC Global Securities Ltd/ Karvy Stock Broking Ltd/IDBI Capital Market Services Ltd.
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