L&T Finance Holdings shares dip in debut trade on BSE

Shares of L&T Finance Holdings settled below the issueprice of Rs 52 on the bourses on the first day of trade on Friday amid asluggish broader market.

After a weak opening, the scrip failed to recover the lostground and ended at Rs 49.95, down 3.94 per cent vis-avis the issue price onthe BSE.

The stock had a similar fate on the NSE, where it closed atRs 49.95, down 3.94 per cent against the issue price.

The company which raised Rs 1,245 crore through its initial public offer  plans to use the proceeds from the issue in five L&Tsubsidiaries - L&T Infrastructure Company, L&T Finance, IndiaInfrastructure Developers, L&T Investment Management and L&T MutualFund Trustees.

 The portion reserved for QIB bidders got subscribed 1.93times, the segment for non-institutional investors was subscribed 6.13 timesand the one for retail investors was subscribed 8.64 times.

 Meanwhile, the BSE benchmark index Sensex ended 219.77points lower at 16,839.63.