L&T Finance’s NCD issue to offer up to 9.05%

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MUMBAI: Non-banking financeNSE 0.12 % company L&T Finance is looking to raise up to Rs 1,000 crore through an issue of non-convertible debentures.

The base size of the issue, which is the second tranche, is Rs 500 crore with an option to retain oversubscription of up to Rs 500 crore, the company said in a statement on Tuesday.

In the second tranche, the company is offering bondsmaturing in 3, 5 and 8 years offering a coupon of 8.48-9.05 per cent, it said.

“Net proceeds of the issue will be utilised for on-lending, financing, and refinancing the existing debt of the company and for general corporate purposes,” the company said.

The issue opens on April 8 and closes on 18 with an option of early closure or extension and will be listed on the stock exchanges.

Last month, the company had raised Rs 2,228.06 crore in the first tranche against a plan to mop up Rs 1,500 crore.

The lead managers to the issue are Edelweiss, AK Capital, Axis Capital, and Trust Investment Advisors.

[“source=economictimes.indiatimes”]