Moneycontrol PRO
Check Credit Score
Check Credit Score
HomeNewsBusiness

L&T Finance to raise Rs 1,000 cr via NCDs

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 Tuesday.

April 04, 2019 / 09:14 AM IST
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Non-banking finance 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 Tuesday.

In the second tranche, the company is offering bonds maturing in 3, 5 and 8 years offering a coupon of 8.48-9.05 percent, 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 Bank, and Trust Investment Advisors.

PTI
first published: Apr 2, 2019 05:25 pm

Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347