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The initial public offering of L&T Finance Holdings was subscribed 0.46 times or 45.78 per cent till 1740 hours on the first day of the issue today.
The company's IPO received bids worth 9.82 crore shares against 21.45 crore shares on offer, according to data available with the exchanges. Of this 31 per cent of the bids were at cut-off price.
L&T Finance Holdings, which plans to raise about Rs 1,250 crore through the issue, has set the price band at Rs 51-59 a share. The issue, which opened for subscription today, will close on July 29.
The company offers a discount of Rs 2 for its employees.
The company had raised about Rs 153 crore from anchor investors at an average price of Rs 56 a share.
Anchor Investors
The anchor investors, which subscribed to the IPO, are Malaysia's Tioman Investments (Khazanah), DSP Blackrock and Capital International.
Larsen & Toubro's stake in the company would come down to 83 per cent from 95.94 per cent.
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