Government has okayed L&T Finance's proposal to bring in Rs 641 crores of FDI. This will pave the way for the L&T Finance IPO. L&T Finance IPO (Initial Public Offer) is likely to hit market in near term. The company aims to raise about 1500 crore Rs. through the IPO and plans to use the proceedings to expand business by including new products and services, as well as entering into entirely new lines of business.
"All necessary approvals from the government have been received. We are keeping ourselves ready for the IPO and expect it to hit the market by the last quarter of FY 11," L&T's CFO, Y M Deosthalee, told reporters on the sidelines of an event here today.