L&T Finance Holdings has received an approval for the issuance of 2,50,00,000 Cumulative Compulsorily Redeemable Non-Convertible Preference Shares (CRPS) of face value of Rs 100 each at par aggregating to a nominal amount of Rs 250 crore on a private placement basis. The CRPS will be unlisted but may be listed subsequently at the option of the company on any recognized stock exchange and will have a tenure of 3 years from the date of allotment. The redemption of CRPS will be done in accordance with the provisions of Section 55 of the Companies Act, 2013.
The Committee of Directors of the company at their meeting held on October 08, 2018, approved the same.
L&T Finance Holdings is a financial holding company offering a diverse range of financial products and services across the corporate, retail and infrastructure finance sectors, as well as mutual fund products and investment management services, through its direct and indirect wholly-owned subsidiaries.