L&T Finance raises Rs 1,503 cr in early closure of public issue of bonds

New Delhi, Dec 17 () L&T Finance Ltd on Tuesday announced early closure of its public issue of secured non-convertible debentures (NCDs), garnering subscription of Rs 1,503.35 crore.

L&T Finance, a wholly-owned subsidiary of L&T Finance Holdings, said tranche-I issue, which opened on December 16, has been oversubscribed and has received subscription amounting to Rs 1,503.35 crore.

The subscription is 3.01 times the base issue size of Rs 500 crore.

"Tranche I...was scheduled to close on Monday, December 30, 2019, with an option for early closure or extension by such period as may be decided by the authorised signatory(ies) as authorised by the board of directors of our company," the company said in a statement.

High net worth individual (HNI) and retail categories are oversubscribed by 4.18 times and 3.04 times, respectively, of the base issue.

"The tranche-I issue included a base issue size of Rs 500 crore with an option to retain oversubscription up to Rs 1,000 crore, aggregating up to Rs 1,500 crore," the statement added.

These NCDs have been rated CRISIL AAA (stable), CARE AAA (stable) and IND AAA (stable) by Crisil Ltd, Care and India Ratings, respectively.

"This NCD issue is a step in the company's overall strategic intent of building a retail liability franchise," L&T Finance said. KPM HRS