Mumbai, April 10, 2019: L&T Finance Limited (a wholly owned subsidiary of L&T Finance Holdings Limited) has announced the early closure of its public issue of secured NCDs. The issue was oversubscribed on day one of the openings of Tranche 2 Issue on April 8, 2019. The Company raised a total of Rs.3238.48 crore worth of subscriptions which is 6.48 times of the base issue size (Rs. 500 crore). All categories of the base issue size were over-subscribed i.e. Institutional, Non-Institutional, HNIs and Retail investors’ participation in the Tranche 2 Issue led to an oversubscription of 5.33 times, 2.23 times, 8.86 times and 5.82 times in respective categories as on the early closure date of April 9, 2019. (Source: Stock Exchange bid data as on 5pm)
The second tranche of the issue included a base issue size for an amount of Rs. 500 crore with an option to retain oversubscription up to Rs. 500 crore aggregating up to Rs.1,000 crore. These NCDs have been rated [ICRA] AAA (stable), CARE AAA / Stable and IND AAA / Stable.
The NCD issue is another 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.
*The issue has been oversubscribed based on subscription figures available on the electronic platform of BSE & NSE as on April 9, 2019. For detailed terms & conditions please refer Shelf Prospectus dated February 22, 2019, and Tranche 2 Prospectus dated March 28, 2019. Allotment in the public issue of debt securities should be made on the basis of date of upload of each application into the electronic book of the stock exchange. However, on the date of oversubscription, the allotments should be made to the applicants on a proportionate basis. For further details on Allotment, kindly refer the Tranche 2 Prospectus dated March 28, 2019.
Pursuant to Tranche 2 Prospectus dated March 28, 2019, the Tranche 2 Issue, which opened on April 8, 2019 and was scheduled to close on April 18, 2019, may close on such earlier date or extended date as may be decided by the authorised signatory(ies) as authorised by the Board of Directors of the Company pursuant to the resolution dated July 19, 2018 (“Authorised Personnel”). The Company has exercised the option of early closure and the Authorized Personnel of the Company has vide letter dated April 8, 2019, decided to close the Tranche 2 Issue on Tuesday, April 9, 2019. For detailed terms and conditions refer to the Shelf Prospectus dated February 22, 2019, and Tranche 2 Prospectus dated March 28, 2019.
The first tranche of the NCD was oversubscribed on day one of issue opening on March 6, 2019. The Company, then, raised a total of Rs. 2228.06 crore worth of subscriptions which is 4.45 times of the base issue size (Rs. 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
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