L&T Finance Holdings is trading higher by 3.3% at Rs 81.05 after its board approved the company's proposal to apply to the Reserve Bank of India (RBl) for a banking licence.
“The board of directors of the company at its meeting held on June 29, 2013, has approved the company's proposal to apply to the RBl for a licence to set up a bank in accordance with the guidelines for licensing of new banks in the private sector issued by the RBI,” L&T Financial Holdings, a financial arm of engineering company Larsen and Toubro (L&T) said in a filing.
L&T Finance Holdings was seen as one of the favorites to get a new banking licence because its parent L&T has a diversified ownership.
The stock opened at Rs 80 and touched high of Rs 81.10 on BSE. A combined 942,416 shares have changed hands on the counter till early morning deals on BSE and NSE.
“The board of directors of the company at its meeting held on June 29, 2013, has approved the company's proposal to apply to the RBl for a licence to set up a bank in accordance with the guidelines for licensing of new banks in the private sector issued by the RBI,” L&T Financial Holdings, a financial arm of engineering company Larsen and Toubro (L&T) said in a filing.
L&T Finance Holdings was seen as one of the favorites to get a new banking licence because its parent L&T has a diversified ownership.
The stock opened at Rs 80 and touched high of Rs 81.10 on BSE. A combined 942,416 shares have changed hands on the counter till early morning deals on BSE and NSE.