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L&T Finance awaiting Sebi nod for IPO

L&T Finance awaiting Sebi nod for IPO
PTI
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First Published: Wed, Oct 20 2010. 04 47 PM IST
Updated: Wed, Oct 20 2010. 04 47 PM IST
Chennai: L&T Finance Holdings on Wednesday said it is awaiting the nod of the market regulator Securities and Exchange Board of India (Sebi) for its initial public offering to raise Rs1,500 crore.
“L&T Infrastructure and L&T Finance Company are group entities of L&T Holdings, which is the parent company ... we have already filed draft prospectus for an IPO ... We are waiting for Sebi approval,” L&T finance senior vice-president (Financial Services) N. Sivaraman told reporters here.
The company officials were here to promote the long-term tax-saving infrastructure bonds launched on 15 October to raise up to Rs700 crore from retail investors.
The issue of the 10-year maturity bonds was open till 2 November, L&T Infrastructure Finance chief executive Suneet K. Maheswari said.
The company, which has been in business since 2007, had been focusing on power sector which currently leads among all sectors where the funds are disbursed.
The current issue involves issuing bonds of up to Rs200 crore with an option to retain over subscription of another Rs500 crore. It can be held either in the physical or dematerialised (demat) form, he said.
The face value of each bond is Rs1,000 and the interest offered varies between 7.50 to 7.75%. There is a buyback window after five or seven years and L&T infra plans to list them for trading on the National Stock Exchange, he added.
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First Published: Wed, Oct 20 2010. 04 47 PM IST
More Topics: L&T | Sebi | IPO | Public offer | N Sivaraman |