Mumbai: L&T Finance said on Thursday it will launch a non-convertible debenture (NCD) issue to raise up to Rs 1,500 crore, yielding up to 9.35 per cent per annum.
This tranche opens for subscription on March 6 and closes on March 20.
The issue size is Rs 500 crore, with a greenshoe option of Rs 1,000 crore.
These secured NCDs are rated ‘AAA’ by Care Ratings, ICRA and India Ratings.
The proceeds from the issue will be utilised for onward lending, refinancing the existing debt and for general corporate purposes.
The lead managers to the issue are Edelweiss Financial Services, AK Capital Services, Axis Capital, and Trust Investment Advisors.
“Over the next two to three years, we want to diversify the sources of funds. We will consider retail NCDs or ECBs or Masala bonds. Currently, we are raising a small issue and at Rs 1,500 crore, it is less than 2% of our overall balance sheet,” Dinanath Dubhashi, MD & CEO of L&T Finance Holdings told ET NOW.
[“source=economictimes.indiatimes.”]