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L&T Finance has announced Tranche I of the public issue of secured redeemable non-convertible debentures (NCD). It has a base issue size of ₹500 crore with an option to retain over-subscription up to ₹1,000 crore, aggregating to a tranche limit of ₹1,500 crore. The issue opens on December 16 and closes on December 30.
The issue, which is rated by CRISIL, CARE and India Ratings, has been awarded ‘AAA/Stable’. The rating denotes ‘highest degree of safety regarding timely servicing of financial obligations with lowest credit risk’. NSE will be the designated stock exchange. The interest amount is paid annually with a coupon rate of 8.45 per cent per annum for retail investors.
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