L&T Finance ₹2,999 crore rights issue to open on February 1

L&T Finance Holdings Ltd. said its ₹2,998.61-crore rights issue will open on February 1.

The company will issue up to 46,13,25,021 equity shares for cash at a price of ₹65 each (including premium of ₹55) to equity shareholders in the ratio of 17 shares for every 74 shares held on the record date of January 22.

“The funds raised will be used to repay certain commercial papers issued by the company, infusion of funds in the subsidiary, for repayment of certain commercial papers issued by such subsidiary, redemption of preference shares issued by the company and for general corporate purposes,” the company said.

The issue will close on February 15.

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