L&T Finance Holdings ANNOUNCED RIGHT ISSUE OF UP TO 46,13,25,021 PARTLY PAID-UP* EQUITY SHARES OF FACE VALUE OF ₹ 10/-EACH AT A PRICE OF ₹ 65/-PER EQUITY SHARE (INCLUDING A PREMIUM OF ₹55/-PER EQUITY SHARE (“RIGHTS EQUITY SHARES”) FOR AN AMOUNT UP TO ₹3,000 Crores ON A RIGHTS BASIS TO THE ELIGIBLE EQUITY SHAREHOLDERS OF L&T Finance Holdings (“THE COMPANY” OR THE “ISSUER”) IN THE RATIO OF 17 RIGHTS EQUITY SHARES FOR EVERY 74 FULLY PAID-UP EQUITY SHARES HELD BY SUCH ELIGIBLE EQUITY SHARE HOLDERS ON THE RECORD DATE, i.e. ON JANUARY 22, 2021(THE“ISSUE”).
L&T Finance Holdings Right Issue Detail
| Issue Open | Feb 01, 2021 - Feb 15, 2021 |
| Security Name | L&T Finance Holdings |
| Issue Size (Shares) | Crores |
| Issue Size (Amount) | ₹3,000 Crores |
| Issue Price | ₹65 per share |
| Face Value | ₹10 per share |
| Minimum Lot size | 1 |
| Market Lot | 17 per share |
| Listing At | BSE & NSE |
| Terms of Payment | The full amount of Rs.65 per Rights Equity Share is payable on Application. |
| Entitlement | 17 Rights Equity Share for every 74 Equity Shares held on the Record Date |
L&T Finance Holdings Right Issue Time Table
| Bid/Offer Opens On | Feb 01, 2021 |
| Bid/Offer Closes On | Feb 15, 2021 |
| Record Date | Jan 22, 2021 |
| Deemed Date of Allotment | Feb 23, 2021 |
L&T Finance Holdings Financial Detail
| Particulars | For the year/period ended (₹ in Million) | ||
|---|---|---|---|
| 31-Mar-20 | 31-Mar-19 | ||
| Total Assets | 0 | 0 | |
| Total Revenue | 0 | 0 | |
| Profit After Tax | 0) | 0 | |
About L&T Finance Holdings
L&T Finance Holdings Ltd. (LTFH) is a financial holding company offering a focused range of financial products and services across rural, housing and wholesale finance sectors, as well as mutual fund products and wealth management services, through its wholly-owned subsidiaries, viz., L&T Finance Ltd., L&T Housing Finance Ltd., L&T Infrastructure Finance Company Ltd., L&T Investment Management Ltd. L&T Capital Markets Ltd. and L&T Infra Debt Fund Ltd. LTFH is registered with RBI as a CIC-ND-SI. LTFH is promoted by Larsen & Toubro Ltd. (L&T), one of the leading companies in India, with interests in engineering, construction, electrical & electronics manufacturing & services, IT and financial services. As of March 31, 2018, the Company had 11 subsidiaries (including step down subsidiaries).
LTFH' s wholesale finance business comprises infrastructure finance, structured corporate finance and supply chain finance. The company also offers debt capital markets services as part of its wholesale finance business segment. The company's housing finance business comprises home loans and loans against property, and real estate finance. The company's rural finance business comprises farm equipment finance, two wheeler finance and micro loans.
L&T Finance Holdings Ltd was incorporated on May 1, 2008 as a public limited company with the name L&T Capital Holdings Ltd. The company was promoted by Larsen & Toubro Ltd as a holding company for their financial services business. In May 15, 2008, the company received the Certificate of Commencement of Business.
In March 31, 2009, Larsen & Toubro Ltd's investment in L&T Finance Ltd, L&T Infrastructure Finance Company Ltd and India Infrastructure Developers Ltd were transferred to the company and hence, L&T Finance Ltd, L&T Infrastructure Finance Company Ltd and India Infrastructure Developers Ltd became the wholly owned subsidiaries of the company.
In January 20, 2010, the company's wholly owned subsidiary L&T Finance Ltd acquired L&T Investment Management Ltd (formerly DBS Cholamandalam Asset Management Ltd) and L&T Mutual Fund Trustee Ltd (formerly DBS Cholamandalam Trustee Ltd), the trustee company for L&T Mutual Fund.
In September 1, 2010, the company changed their name from L&T Capital Holding Ltd to L&T Finance Holdings Ltd.
In 2011, L&T Finance Holdings' total assets crossed Rs 20000 crore mark. During the year, company entered the capital market with its maiden initial public offer.
In 2012, L&T Finance Holdings' total assets crossed Rs 30000 crore mark. During the year, the L&T Finance Holdings forayed into housing finance business with the acquisition of Indo Pacific Housing Finance Ltd (IPHF). During the year, L&T Finance Holdings' mutual fund unit acquired Fidelity's mutual fund business in India. During the year, the company started two-wheeler financing with its acquisition of Family Credit, a non-banking finance company.
In 2013, L&T Capital Markets was incorporated as a Platform for Wealth Management business. During the year, L&T Finance Holdings launched a maiden issue of preference shares.
In 2015, L&T Finance Holdings' total assets crossed Rs 50000 crore mark. During the year, the company raised Rs 708 crore from preferential issue of Equity Shares and Warrants to Bain Capital. In 2016, L&T Finance Holdings re-oriented its strategy to focus on select products and deliver improvement on Return on Equity (RoE).
In 2017, L&T Finance Holdings expanded its footprint by commencing Micro loans business in Assam. During the year, its mutual funds business crossed the Rs 50000 crore Assets Under Management (AUM) mark.
On 8 March 2018, L&T Finance Holdings Limited (LTFH) announced that it has completed the preferential allotment to Larsen & Toubro Limited (the Promoter), of 10.78 crores equity shares at issue price of Rs. 185.51 per share. Through this issue, the Promoter has infused additional capital amounting to Rs 1999.99 crore demonstrating their belief and commitment to the LTFH growth story. The capital infused by the Promoter will help fund the growth of LTFH's focused lending businesses - rural finance, housing finance and wholesale finance, and further strengthen the capital adequacy of the company.
On 13 March 2018, L&T Finance Holdings Limited (LTFH) announced the successful closure of its Qualified Institutional Placement (QIP) of upto Rs 1000 crore at the issue price of Rs 158.60 per share. The capital raised will be used for business growth. On 20 June 2018, L&T Finance Holdings (LTFH) through its subsidiary L&T Finance (LTF) announced the opening of its 1000th meeting center in Kolkata, West Bengal, for its micro loans business. Furthermore, the company has launched an app, which would enable seamless customer on-boarding by providing instant loan sanctioning. The micro loans business has an end-to-end digital platform, embedded with a range of services such as loan sanctioning, group formation, e-signing, receipting, risk audits etc.
The Company had allotted 6,38,20,990 Warrants with each Warrant convertible into one Equity Share of the face value of Rs 10 each at a price of Rs 74 per Warrant to BC Asia Growth Investments (Investor) on December 18, 2015 on a preferential basis. The Company had received 25% upfront money of total consideration from the Investor at the time of allotment of Warrants and balance 75% was received at the time of exercise of notice for option to convert the Warrants. Pursuant to the said conversion of Warrants, the Company has allotted 6,38,20,990 Equity Shares of face value of Rs 10 each to Investor on May 17, 2017. Further, the Company also allotted 6,30,51,702 Equity Shares of Rs 10 each at an issue price of Rs 158.60 to the eligible qualified institutional buyers on a private placement basis under Chapter VIII of SEBI ICDR on March 15, 2018.
In FY 2018, the Company redeemed 1,79,00,000 Compulsory Convertible Redeemable Preference Shares (CCRPS) amounting to Rs 17,900 Lakh.
During the year under review, L&T Access Distribution Services Limited, wholly owned subsidiary of the Company was merged with L&T Capital Markets Limited, another wholly owned subsidiary of the Company with effect from November 10, 2017.
L&T Finance Holdings Right Issue Documents
L&T Finance Holdings Right Issue Registrar
LINK INTIME INDIA PRIVATE LIMITED |
L&T Finance Holdings Right Issue Lead Manager
1) AXIS CAPITAL LIMITED2) BOB Capital Markets Limited
3) Citigroup Global Markets India Private Limited
4) Credit Suisse Securities(India) Private Ltd
5) HSBC Securities and Capital Markets (India) Private Limited
6) ICICI Securities Limited
7) Motilal Oswal Investment Advisors Limited
8) SBI Capital Markets Limited
9) UBS Securities India Private Limited
L&T Finance Holdings Rights Issue FAQs
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When is L&T Finance Holdings Rights Issue coming?
The L&T Finance Holdings Rights Issue opens on Feb 01, 2021, and closes on Feb 15, 2021.
What is the schedule for L&T Finance Holdings Rights Issue?
L&T Finance Holdings Rights Issue Schedule
Last Date for credit of Rights Entitlements [.] Last Date for renunciation of Rights Entitlements Feb 10 , 2021 Issue Opening Date Feb 01, 2021 Issue Closing Date Feb 15, 2021 Date of Allotment (on or about) Feb, 2021 Date of Credit (on or about) Feb, 2021 Date of Listing (on or about) Feb, 2021 What is the issue price for L&T Finance Holdings Rights Issue?
L&T Finance Holdings Rights Issue price is set at ₹65 per share per equity share.
In what ratio is the L&T Finance Holdings Rights Issue offered?
The eligible shareholders are being offered 17 Rights Equity Share for every 74 Equity Shares held on the Record Date (Jan 22, 2021).
What is the record date for L&T Finance Holdings Rights Issue?
The record date for the L&T Finance Holdings Rights Issue is Jan 22, 2021.
What is the issue size of L&T Finance Holdings Rights Issue?
The issue size ofL&T Finance Holdings Rights Issue is of Crores equity shares at ₹65 per share aggregating upto ₹3000 Crores.
Where can I get the Letter of Offer for L&T Finance Holdings Rights Issue?
The Letter of Offer for Urja Global Limited Rights Issue can be download here.
How to apply for L&T Finance Holdings Rights Issue?
You can apply for L&T Finance Holdings Rights Issue in two ways:
- Net Banking (ASBA)
- Registrar's Website (R-WAP Facility)
Steps to apply for L&T Finance Holdings Rights Issue using Net Banking (ASBA)
- Log in to the net banking account of your bank.
- Go to the 'IPO & Rights Issue' section.
- Check if the Shoppers Stop Rights Issue available on the list.
- Click the Apply button next to the Shoppers Stop Rights Issue.
- Fill and check your information.
- Submit the application.
Note: Your bank may not offer this facility to certain rights issues. In that case, you may have to choose the option below.
Steps to apply for
- Visit registrar's website
- Go to the 'Rights Issue' section
- Select L&T Finance Holdings Rights Issue from the dropdown.
- Enter Demat Account Number.
- Fill the online application form.
- Validate and submit the application. L&T Finance Holdings
Rights Issue using Registrar's website (R-WAP)
