Shares of L&T Finance Holdings (LNTFH) debuted on the stock exchanges at a discount of 1.93 per cent to its issue price. The issue which was priced at Rs 52 a share opened at Rs 51 on the Bombay Stock Exchange (BSE) on Friday.
The stock touched an intra-day high of Rs 52.50 and low of Rs 49.50 before closing the trading session at Rs 49.95, down 3.95 per cent against the issue price.
L&T Finance Holdings, a subsidiary of domestic engineering and construction giant Larsen and Toubro, had priced its initial public offer (IPO) price at Rs 52 per share which was near the lower end of the Rs 51 to Rs 59 per share price band.
The proceeds through the IPO will be used for expansion plans for two of its subsidiaries — L&T Finance and L&T Infrastructure Finance.
The IPO was subscribed 5.34 times. Retail investors category got subscribed 9.61 times while that of non-institutional investors was subscribed 6.18 times. Qualified institutional buyers (QIBs) category witnessed 1.93 times subscription.
