L&T Finance raises Rs 300 cr through non-convertible preference shares

L&T Finance Holdings has issued non-convertible preference shares on a private placement basis to raise up to Rs 300 crore.

The company has issued up to 30,000,000 cumulative compulsorily redeemable non-convertible preference shares of Rs 100 face value aggregating up to Rs 300 crore on a private placement basis, L&T Finance Holdings said in a regulatory filing on Wednesday.

The preference shares carry dividend rate of 7.50 per cent per annum payable annually.

Stock of the company closed at Rs 116.25 on BSE, down 1.73 per cent from previous close.