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L&T Finance Announces First Tranche Of Public Issue Of Secured Redeemable NCDs

The tranche one issue aggregates to Rs 500 crore with an option to retain over-subscription up to Rs 1,000 crore, aggregating up to a total of Rs 1,500 crore.

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L&T Finance Ltd is coming out with a public issue of secured redeemable non-convertible debentures with a face value of Rs 1,000 each.

The tranche one issue aggregates to Rs 500 crore with an option to retain over-subscription up to Rs 1,000 crore, aggregating up to a total of Rs 1,500 crore. It offers various options for subscription with coupon rates ranging from 8.25 to 8.65 per cent per annum. The issue opens on December 16 and closes on December 30 with an option of early closure or extension.

The secured NCDs proposed have been rated triple AAA with stable outlook by Crisil, Care and India Ratings, indicating the highest degree of safety regarding timely servicing of financial obligations with the lowest credit risk.

These secured NCDs bearing a fixed rate of interest are being offered under six different series. There are four categories of investors defined as category one (institutional investors), category two (non-institutional investors), category three (high net-worth individuals) and category four (retail individual investors).

Net proceeds of the issue will be utilised for the purpose of onward lending, financing, refinancing the existing indebtedness of the company and general corporate purpose.

The secured NCDs are proposed to be listed on the BSE and NSE. NSE will be the designated stock exchange for the tranche one issue. The lead managers are Edelweiss Financial Services, AK Capital Services, Trust Investment Advisors and JM Financial.

IDBI Trusteeship Services is the debenture trustee and Link Intime India is the registrar.

(ANI)


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