L & T Pegs Debt Paper On Rating

Larsen & Toubro Ltd (L&T) today placed Rs 50 crore of five-year debentures with ICICI Securities and Finance (I-Sec) in a novel deal.

The instrument, christened rating contingent debenture (RCD), is the first of its kind in the Indian debt market. The coupon rate of the paper is at 8.09 per cent, payable annually subject to changes in the company