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Monday, August 1, 2011

L&T Finance IPO Issue Price fixed at Rs.52 per share

In a move that is likely to raise many eyebrows, L&T Finance Holdings has fixed the Issue Price of its Initial Public Offer at Rs.52/- per equity share which is neighter at the upper end nor at the lower end of the price band. The Price Band was fixed at Rs.51/- to Rs.59/- per equity share

On the occasion, the Chairman of L&T Finance Holdings Y M Deosthalee said, “We are happy with the demand that the issue generated amongst all categories of investors, particularly given the market volatility. While the IPO received good demand at different price points within the price band, to reciprocate the confidence that over 600,000 applicants have placed in us we decided to price the issue at Rs 52. In line with L&T Group’s philosophy, this indicates our intention to build a long and mutually beneficial relationship with our prospective shareholders”

L&T Finance Holdings IPO, which closed for subscription on July 29, 2011, received subscription of more than 5 times on an overall basis and more than 9.5 times in the Retail Catergory
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