L&T Finance Holdings said that its board has approved raising up to Rs 3,000 crore through a fresh rights issue, which will open for subscription on February 1.

The regulatory filing by the company indicated that the board has approved the price of Rs 65 er fully paid-up share including a premium of Rs 55 per share of the face value Rs 10.

The company has fixed a record date of January 22 for the purpose of determining the equity shareholders entitled to receive the rights entitlement, as per the regulatory filing.

"Rights entitlement ratio is 17:74 (17 Equity Shares for every 74 shares fully paid-up Equity Share held by the eligible equity shareholders of the company, as on the record date). If the shareholding of any of the eligible equity shareholder is 5 or more, such shareholders will be entitled to at least 1 equity share," it added.

It may be noted that the rights issue is a mechanism for fundraising for existing shareholders of the company. Shares are offered to them at a discount to the prevailing market price. The rights issue will close on February 15.