 "L&T Finance raises Rs 15.03 bn in early closure of public issue of bonds")
L&T Finance Ltd on Tuesday announced early closure of its public issue of secured non-convertible debentures (NCDs), garnering subscription of Rs Rs 15.03 billion
L&T Finance, a wholly-owned subsidiary of L&T Finance Holdings, said tranche-I issue, which opened on December 16, has been oversubscribed and has received subscription amounting to Rs Rs 15.03 billion.
The subscription is 3.01 times of the base issue size of Rs 500 crore.
High net worth individual (HNI) and retail categories are oversubscribed by 4.18 times and 3.04 times, respectively, of the base issue.
These NCDs have been rated CRISIL AAA (stable), CARE AAA (stable) and IND AAA (stable) by Crisil Ltd, Care and India Ratings, respectively.
"This NCD issue is a step in the company's overall strategic intent of building a retail liability franchise," L&T Finance said.
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