Larsen & Toubro's subsidiary and L&T Group's financial services holding company, L&T Finance Holdings (LTFH), has completed a private placement of 60 million shares at a price of Rs 55 each aggregating to Rs 330 crore, with US-based private equity fund Capital International, the company said in a filing to the Bombay Stock Exchange.
LTFH had filed draft red herring prospectus (DRHP) in relation to a proposed initial public offering.
LTFH offers a range of financial products and services through its subsidiaries. Its operations are arranged into four business groups— infrastructure finance group, retail finance group, corporate finance group and investment management group.
L&T's scrip was trading up 2.22% at Rs 1,847 on the Bombay Stock Exchange.