L&T Finance plans to raise Rs 1,000 cr by March

L&T Finance, the financial services arm of engineering major Larsen & Toubro, today said it plans to raise about Rs 1,000 crore by the end of the current fiscal.

The company has already launched a public offer of Non-Convertible Debentures (NCDs) to raise up to Rs 500 crore.

"Besides NCDs offering, we plan to raise another Rs 400-500 crore through other line of credits till the end of the current fiscal," L&T Finance Assistant Vice President (Treasury) G K Shettigar said here.

The NCDs, Shettigar said, has a coupon rate of 8.4-8.58 per cent depending on the option of interest payment with a maturity period of 36 months.

The company has already raised Rs 3,000 crore, including an equity offering of Rs 125 crore to promoters.

L&T Finance hopes to increase the assets under management to Rs 6,700 crore by the end of March 2010 from Rs 6,200 crore at present.

Meanwhile, all formalities of acquisition of DBS Cholamandalam Asset Management Company are expected to be over in the next 20 days and the renaming of the company will be completed by March, L&T Infrastructure Finance Co Ltd Chief Executive Officer Suneet K Maheswari said.