L&T Finance Holdings fixes price for share sale at Rs 185.51

L&T Finance Holdings today said its board has approved the price of Rs 185.51 per unit for Rs 2,000-crore share sale to its promoter L&T on a preferential basis.
The committee of directors today approved the price of Rs 185.51 per equity share, which is the floor price calculated in accordance with Sebi Regulations including a share premium of Rs 175.51, L&T Finance Holdings said in a filing to stock exchanges.
At the above price, 10,78,10,899 shares under preferential issue will be issued to Larsen & Toubro Limited, promoter of the company, it said.
The capital will be used for various purposes, including to fund business growth, strengthening capital adequacy and general corporate purposes, it added.

The company had reported a 42 per cent spike in the December quarter net at Rs 384 crore driven by increase in revenue which rose from Rs 2,162 crore to Rs 2,701 crore. Led by the housing loan book, which grew 49 per cent to Rs 17,193 crore, its overall assets grew 23 per cent to Rs 75,963 crore.
The rural finance book also jumped 48 per cent to Rs 14,109 crore.
Gross non-performing assets ratio also improved from 9.01 per cent to 5.49 per cent.