L&T Finance Holdings is trading higher by 2% at Rs 55.55, its highest level since its listing in August last year on the Bombay Stock Exchange.
The stock has rallied 8% in past one week against a marginal 0.14% fall in the benchmark Sensex after the company announced the successful completion of the acquisition of Indo Pacific Housing Finance Limited for Rs 110 crore.
“L&T Finance Holdings has completed the acquisition of IPHF and the consideration to be paid is Rs 110 crore, which will be subject to the closing audit,” the NBFC arm of the engineering giant Larsen & Toubro said in a statement.
Meanwhile, the board of directors of the company will meet tomorrow, October 19, to approve the unaudited financial results for the quarter and half year ended September 30, 2012 (Q2), it added.
The company came out with a public issue at an offer price of Rs 52 a share.
The stock opened at Rs 54.70 and has seen heavy volumes on the counter. A combined 3.58 million shares have already changed hands in early noon deals against an average 4.5 million shares that were traded daily in past two weeks.