Money & Banking

L&T Finance to raise upto Rs 1500 crore through secured NCDs

Our Bureau Mumbai | Updated on February 28, 2019 Published on February 28, 2019
in’ The government has banned cash transactions of Rs 2 lakh or more from April 1, 2017, through the Finance Act 2017.

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The proceeds raise through the means of NCDs will be used for onward lending, financing, refinancing the existing indebtedness of the company

L&T Finance Limited, the NBFC arm of infrastructure company L&T, plans to raise upto Rs 1500 crore by means of secured NCDs (Redeemable Non-Convertible Debentures).

The tranche 1, which opens on March 6 and closes on March 20 this year, offers various options for subscription and the yield on redemption of up to 9.35 per annum.

There is also an option of early closure or extension, the company said.

The secured NCDs proposed to be issued have been rated AAA by leading rating agencies indicating that the instruments with this rating are considered to have the highest degree of safety regarding timely servicing of financial obligations. Such instruments carry lowest credit risk.

The proceeds raise through the means of NCDs will be used for onward lending, financing, refinancing the existing indebtedness of the company and for general corporate purpose, the company said in a statement.

The Lead Managers to the Issue are Edelweiss Financial Services Ltd, A K Capital Services Ltd., Axis Capital Ltd and Trust Investment Advisors Pvt Ltd.

Catalyst Trusteeship Ltd is the Debenture Trustee and Link Intime India Pvt Ltd is the registrar to the issue.

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Published on February 28, 2019
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