L&T Finance raises Rs 153 cr from anchor investors

L&T Finance Holdings today said that it had raised about Rs 153 crore from anchor investors for its initial public offer (IPO), which opens tomorrow.

The company is allocating equity shares to anchor investors at a price of Rs 56 apiece, aggregating to Rs 153 crore, sources said.

The anchor investors, which subscribed to the IPO are Malaysia's Tioman Investments (Khazanah) (Rs 88.8 crore), DSP Blackrock (Rs 38.9 crore) and Capital International (Rs 25 crore).

L&T Finance Holdings is coming out with an initial public offer tomorrow with an aim to mop up Rs 1,245 crore from the capital market. The company has fixed a price band of Rs 51-59 a share for the issue.

L&T Finance would issue 211 million shares under the IPO and post listing, parent L&T's stake in the company would come down to 83%.

Currently parent firm Larsen & Toubro (L&T) holds 95.94% in the company and the remaining 4.06% is held by US-based private equity fund Capital International.

The IPO proceeds would be pumped into five L&T subsidiaries -- L&T Infrastructure Company, L&T Finance, India Infrastructure Developers, L&T Investment Management and L&T Mutual Fund Trustees.

Citigroup, JM Financial and HSBC are the lead managers for the proposed public issue.