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| L&T Finance public offer gets encouraging response |
| Press Trust of India / Kochi Aug 31, 2009, 16:07 IST |
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L&T Finance has received a 'very encouraging' response to its first public offer of secured non-convertible debentures (NCD) which closes on September 4, L&T Finance Director and Executive Vice President (Financial Services) N Sivaraman said.
The funds raised through this issue will be used by the company for its various financing activities, including lending. Funds will also be used for investments and for its business operations, including capital expenditure and working capital requirements, Sivaraman told reporters here.
The company is promoted by Larsen & Toubro and L&T Capital Holdings.
The NCD issue aggregates to Rs 500 crore with an option to retain over subscription up to Rs 500 crore for issuance of additional NCDs, aggregating up to a total of Rs 1,000 crore.
The NCD issue with various investment options and yields on redemption of up to 10.50 per cent per annum had opened on August 18.
The NCD offered through the prospectus are proposed to be listed on the National Stock Exchange. The face value of Rs 1,000 per NCD and a tradable lot of size of one NCD is expected to enhance liquidity and trading in secondary market.
The company's current customer base in micro finance is over 2.5 lakh with presence in four states — Maharashtra, Andhra Pradesh, Tamil Nadu and Karnataka, with plans to start operations in Gujarat, Orissa, Madhya Pradesh and Chattisgarh as well.
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