L&T Finance confident of raising Rs1,000 cr via NCD issue

L&T Finance confident of raising Rs1,000 cr via NCD issue
PTI
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First Published: Fri, Aug 28 2009. 04 41 PM IST
Updated: Fri, Aug 28 2009. 04 41 PM IST
Panaji: Engineering giant Larsen & Toubro-promoted L&T Finance on Friday said it would be able to draw Rs1,000 crore through its first-ever redeemable non-convertible debentures (NCDs) issue.
L&T Finance will use the funds raised for its various financing activities, including lending and investment, business operations, capital expenditure and working capital requirement.
The NCD issue, which opened on 18 August, is offering 50 lakh secured NCDs at Rs1,000 each, totalling to Rs500 crore, with an option to raise an additional Rs500 crore if it is over subscribed.
“Looking at the response we have received during the initial days, we are sure to get over subscribed and sell Rs1,000 crore worth of NCDs,” Suneet K Maheshwari, chief executive, L&T Infrastructure Finance Co. Ltd., told PTI here.
The issue, which offer interest up to 10.50% on the maturity period of 120 days, closes on 4 September.
“We are offering fairly attractive rates and giving liberty to the customer to sell the debenture and get back the money,” Maheshwari said.
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First Published: Fri, Aug 28 2009. 04 41 PM IST