L&T Finance's Rs500-crore NCDs to open on 18 August
17 Aug 2009
The Rs500 crore non-convertible debenture issue of L&T Finance Limited, the financial services arm promoted by engineering and construction giant Larsen & Toubro Limited and L&T Capital Holdings Limited, will open on 18 August.
L&T Finance Limited is offering 50,00,000 secured redeemable non-convertible debentures of the face-value of Rs1,000 each aggregating Rs500 crore in its first-ever public offer.
The company will have the option of retaining oversubscription of NCDs totalling Rs500 crore, with the aggregates doubling to Rs1,000 crore.
The NCD issue with various investment options and yield on redemption of up to 10.50 per cent (per annum) will close for subscription on 4 September 2009.
The NCDs, of the face value of Rs1,000, will be listed on the National Stock Exchange of India Limited and can be traded in lot size of one and this is expected to enhance liquidity and trading in the secondary market.
L&T Finance's NCDs have been rated 'CARE AA+' by CARE and 'LAA+' by ICRA. Instruments with a rating of 'CARE AA+' by CARE are considered to offer high safety for timely servicing of debt obligations. The rating of 'LAA+' by ICRA indicates high-credit-quality and the rated instrument carries low credit risk.
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