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| NCD issue to fund L&T Finance's biz operations |
| Press Trust of India / Hyderabad Aug 19, 2009, 17:51 IST |
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L&T Finance, which has entered the capital market to raise Rs 1,000 crore through a debentures issue, would use the proceeds for various financing activities, including lending and investments, and for business operations, a top company officail said today.
The company, promoted by engineering and construction giant Larsen and Tourbo and L&T Capital Holdings, is offering 50 lakh secured non-convertible debentures (NCDs) at Rs 1,000 each, totaling to Rs 500 crore, with an option to raise an additional Rs 500 crore if the subscription is over subscribed.
The issue opended yesterday and closes on September 4. The NCD issue is with various investment options and yield on redemption of up to 10.5 per cent, R Shankar Raman, L&T Executive Vice-President (Finance), told media persons here.
The funds raised will be used by the company for its various financing activities, including lending and investments, and for business operations, including capital expenditure and working capital requirements, he said.
There are four options for investment - ranging from 60 months to 120 months and interest from 9.51 per cent per annum to 10.24 per cent per annum, Raman said.
L&T Finance has evolved into a multi-product asset backed firm with a diversified corporate and retail portfolio, and has consistently made profits, he said.
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