L&T Finance Holdings to raise up to $16M via non-convertible preference shares

L&T Finance Holdings Ltd, a subsidiary of business conglomerate Larsen and Toubro Ltd (L&T), is raising up to Rs 100 crore ($16 million) through issue of non-convertible compulsorily redeemable preference shares (CRPS), as per a stock market disclosure.

This comes within weeks of the firm raising Rs 263.4 crore through the allotment of 26.3 million cumulative compulsorily redeemable preference shares.

Incorporated in 1994, Mumbai-based L&T Finance Holdings offers financial product and services across corporate, retail and infrastructure finance sectors, as well as mutual fund products and investment management services.

The firm has a presence in 23 states of the country and operates in five business groups including infrastructure finance, retail finance, corporate finance, investment management and housing finance.

It counts Malaysian sovereign wealth fund Khazanah among its shareholders.

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