India’s L&T Finance Holdings has raised around 1.6 billion rupees ($36 million) by selling shares to cornerstone investors of an initial public offering that opens on Wednesday, IFR reported on Tuesday.
The company sold shares to DSP BlackRock, and investment arms of Malaysia’s Khazanah and U.S. private-equity fund Capital International at 56 rupees each, IFR, a Thomson Reuters publication, said.
L&T Finance, a unit of Indian engineering conglomerate Larsen & Toubro , plans to raise 12.45 billion rupees ($280 million) in the public offering, and is seeking bids in the range of 51 rupees to 59 rupees a share.
Earlier this month, L&T Finance had raised 3.3 billion rupees ($75 million) in a pre-IPO share placement to Capital International. Including the pre-IPO placement, L&T Finance is set to raise a total of 15.75 billion rupees.