Larsen & Toubro has gained 2.2% at Rs 1,847, after the company's arm successfully raised Rs 330 crore in its pre-IPO placement.
According to the release issued by the firm to the BSE, the company's subsidiary - L&T Finance Holdings - through private placement of 60 million equity shares at a price of Rs 55 per share, raised Rs 300 crore, from a US-based private equity fund - Capital International.
"The subsidiary had filed a Draft Red Herring Prospectus (DRHP) in relation to a proposed initial public offering (IPO)," the filing added.
The proposed IPO, as contemplated in the draft red herring prospects, includes reservations for current L&T shareholders as well as for permanent and full time employees and directors of L&T Finance Holdings, L&T Finance and its subsidiaries, L&T Infra and L&T.
The stock hit the day's high Rs 1,850. A combined 1.5 million shares have changed hands on the BSE and the NSE till 1448 hours.
