The share price of L&T Finance Holdings Ltd, the financial services arm of the Larsen and Toubro Group, closed at Rs 50.05 on the National Stock Exchange, 3.75 per cent below its listing price of Rs 52 per share.

L&T Finance had raised Rs 1,245 crore through it maiden public offering late last month, with another Rs 330 crore coming through a pre-IPO placement with Capital International’s private equity arm.

At this price, Capital International is sitting on a notional loss of 8-9 per cent on its pre-IPO investment, which was done at Rs 55 per share. Investors like DSP BlackRock and Malaysia’s Khazanah had also picked up a stake in the company during anchor investor allotment.

The share price of the firm remained resilient throughout the day, hitting an intra-day high of Rs 53.85 and a low of Rs 49.3. The NSE closed at 5,072.95 points on Friday, down 1.27 per cent.

L&T Finance’s listing comes at a time when markets have lost 4-5 per cent since the issue was closed with fears of a double-dip recession as S&P downgraded the USA borrowings and debt worries in the European Union plagued the world economy.

For FY11, L&T Finance Holdings reported 48 per cent increase in the total income to Rs 2,115 crore while the net profit rose 49.2 per cent to Rs 392.5 crore. It had a total income of Rs 1,423 crore and a net profit of Rs 263 crore in FY10.

“The company has grown at a very healthy rate, beating the industry growth rates over the past few years, and it is poised to do well going forward. The company has a well-established infrastructure finance business and its financial product distribution business is also growing at a rapid pace. The strong promoter background also helps in raising funds at competitive rates,” SMC said in a pre-listing note on the company.

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