L&T Finance launches Rs 1,500 crore NCD issue

Non-banking lender L&T Finance is raising up to Rs 1,500 crore through a bond sale, the proceeds of which will be used for on-lending and refinancing of existing debt.

The base size of the issue is Rs 500 crore, with an option to retain over-subscription of up to Rs 1,000 crore, the company said on Wednesday.

This is the first tranche, the company is offering three NCD issues with 36 months, 60 months and 84 months tenors offering coupon rate of 8.25-8.65 percent per annum.

Non-banking lender L&T Finance is raising up to Rs 1,500 crore through a bond sale, the proceeds of which will be used for on-lending and refinancing of existing debt.

The base size of the issue is Rs 500 crore, with an option to retain over-subscription of up to Rs 1,000 crore, the company said on Wednesday.

This is the first tranche, the company is offering three NCD issues with 36 months, 60 months and 84 months tenors offering coupon rate of 8.25-8.65 percent per annum.

"The proceeds from the issue will be utilized for onward lending, financing, refinancing our existing debt and for general corporate purposes," the company said.

The bonds, bearing a fixed rate of interest, are being offered under six different series and four categories of investors -- institutional investors, non- institutional investors, high net-worth individuals and retail individual investors.

The issue opens on December 16 and closes on 30 and will be listed on the BSE and NSE.

Lead managers to the issue are Edelweiss Financial Services, AK Capital Services, Trust Investment Advisors and JM Financial.

The bonds, bearing a fixed rate of interest, are being offered under six different series and four categories of investors -- institutional investors, non- institutional investors, high net-worth individuals and retail individual investors.

The issue opens on December 16 and closes on 30 and will be listed on the BSE and NSE.

Lead managers to the issue are Edelweiss Financial Services, AK Capital Services, Trust Investment Advisors and JM Financial.