L&T Financial Services spurts as rights issue to open on 1 Feb

L&T Financial Services jumped 6.38% to Rs 105.85 after the company said its board has approved raising of up to Rs 3,000 crore through a rights issue.

The rights issue will open on 1 February 2021 and close on 15 February 2021. The NBFC has fixed a price of Rs 65 per equity share for the offer. The rights entitlement ratio is set at 17:74 (17 equity shares for every 74 shares held by the eligible equity shareholders of the company), as on the record date i.e. 22 January 2021. If the shareholding of any of the eligible equity shareholder is 5 or more, such shareholders will be entitled to at least 1 equity share.

L&T Finance Holdings' consolidated net profit fell 51.4% to Rs 287.75 crore on 3% decline in total income to Rs 3,622.16 crore in Q3 December 2020 over Q3 December 2019. The company announced its Q3 result on 15 January 2021.

L&T Financial Services is a financial holding company offering a focused range of financial products and services across rural, housing and infrastructure finance sectors, as well as in mutual fund products, through its wholly owned subsidiaries.

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