The company raised a total of INR 2228.06 crore worth of subscriptions which is 4.45 times of the base issue size (INR 500 crore).
L&T Finance Limited, a wholly owned subsidiary of L&T Finance Holdings Limited, announced the early closure of its public issue of secured NCDs. The issue was oversubscribed on day one of opening of Tranche 1 Issue on March 6, 2019.
The Company has raised a total of INR 2228.06 crore worth of subscriptions which is 4.45 times of the base issue size (INR 500 crore). HNIs and Retail investors’ participation in the Tranche 1 Issue led to an oversubscription of 6.64 times and 6.68 times in respective categories as on the early closure date of March 7, 2019.
The first tranche of the issue included a base issue size for an amount of INR 500 crore with an option to retain oversubscription up to INR 1,000 crore aggregating up to INR 1,500 crore. These NCDs have been rated [ICRA] AAA (stable), CARE AAA / Stable and IND AAA / Stable.This NCD issue is a step in the company’s overall strategic intent of building a retail liability franchise and will further add to the diversity of the borrowing mix in the already diversified liability profile.