L&T Finance rights issue: Priced at 34.7% discount to yesterday’s closing

L&T Finance stock gains after the lender plans a rights issue with shares priced at a significant discount.

Rights issues are priced at steep discount, so L&T Finance did announce their rights issue of Rs 3,000 crore on Monday. They are offering a little more than 46 crore shares at Rs 65 per share.

Yesterday’s closing price is at a discount of close to 35 percent. The record date is January 22 and the ratio is 17 shares for every 74 shares that you hold.