Through private placement of preference sharesL&T Finance Holdings announced that meeting of the Committee of Directors of the Company was held on 08 October 2018 to approve the issuance of 2,50,00,000 Cumulative Compulsorily Redeemable Non-Convertible Preference Shares (CRPS) of face value of Rs. 100 each at par aggregating to a nominal amount of Rs. 250 crore on a private placement basis. The CRPS will be unlisted but may be listed subsequently at the option of the Company on any recognized stock exchange and will have a tenure of 3 years from the date of allotment. The redemption of CRPS will be done in accordance with the provisions of Section 55 of the Companies Act, 2013.
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