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L&T Finance Holdings share rises nearly 5% on plans to raise Rs 60 crore via NCDs

Buoyed by the  fund raising plan, L&T Finance Holdings share price gained as much as 4.76 per cent to touch a high of Rs 107.80, after opening marginally higher at Rs 103.30, against the close of Rs 102.90

twitter-logo BusinessToday.In   New Delhi     Last Updated: November 27, 2019  | 11:29 IST
L&T Finance Holdings share rises nearly 5% on plans to raise Rs 60 crore via NCDs
L&T Finance Holdings shares were trading 4.23 per cent higher at Rs 107.20 on the NSE

L&T Finance Holdings share price jumped nearly 5 per cent in early trade on the Bombay Stock Exchange (BSE) on plans to raise Rs 60 crore through private placement of Non-Convertible Debentures (NCDs).

The company's committee of directors has approved raising of funds up to Rs 60 crore through issuance of cumulative compulsorily redeemable non-convertible preference shares on a private placement basis, L&T group company said in an exchange filing on Tuesday.

The company will determine price for the proposed issue on 29 November 2019, it said.

Buoyed by the  fund raising plan, L&T Finance Holdings share price gained as much as 4.76 per cent to touch a high of Rs 107.80, after opening marginally higher at Rs 103.30, against the close of Rs 102.90. The stock has rallied more than 13 per cent in the last one month.

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On the National Stock Exchange, L&T Finance Holdings shares were trading 4.23 per cent higher at Rs 107.20 apiece against Tuesday's closing price of Rs 102.85. The stock opened higher at Rs 104 and touched a high of Rs 107.85.

Meanwhile, the BSE Sensex was at 40,972, up by 150 points (0.37 per cent).

On November 14, L&T Finance Holdings had sold 100 per cent of the equity shareholding of L&T Capital Markets Limited (LTCM), a wholly owned subsidiary, to IIFL Wealth Group. The transaction is subject to regulatory approvals. L&T Financial Services is planning to exit the wealth-management business.

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During September quarter, the company reported 68.87 per cent decline in net profit at Rs 174 crore compared to net profit of Rs 559.12 crore in the same quarter last year. Total income during the second quarter of 2019-20 increased to Rs 3,711.85 crore as against Rs 3,302.35 crore in the year-ago period.

While Average Assets under Management (AAUM) decreased 6 per cent from Rs 73,754 crore in Q2FY19 to Rs 69,213 crore in Q2FY20, Assets under Service (AUS) increased to Rs 26,309 crore in Q2FY20 from Rs 21,065 crore in Q2FY19, registering a growth of 25 per cent.

Edited by Chitranjan Kumar

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