L&T Infra Finance to raise upto Rs700 crore

L&T Infra Finance to raise upto Rs700 crore

Mumbai: Larsen and Toubro (L&T) infrastructure Finance, a unit of construction conglomerate Larsen & Toubro said it will raise up to Rs700 crores by selling 10-year bonds to retail investors from this week.

The interest rate on the bonds will range between 7.5% and 7.75%, the company said in a statement. The issue opens Friday and closes 2 November, it added.

The bonds paying 7.50% will have a buy back option at the end of five years while the bonds paying 7.75% can be purchased back at the close of seven years, the company said in a release at its conference.

Infrastructure Development Finance Co’s retail infrastructure bond issue will be open for subscription from 30 September - 18 October.

At a Reuters Summit on 28 September, Suneet Maheshwari, chief executive of L&T Infrastructure Finance had the company plans to raise up to seven billion rupees through an issue of bonds.