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L&T Financial Ltd is a non-banking financial service company. It is a part of L&T group which started financial services business in 1994. L&T Financial Ltd works in the three main segments which are wholesale, rural and housing.
In rural business, it provides microloans, two-wheeler financing facility and farm equipment financing services. As on 31st Dec 2018, the advances and adjusted loans were Rs 24,122.27 cr in rural business.
In the wholesale business, the company offers structured corporate finance and infrastructure finance. Previously the company was providing supply chain business but it was transferred to Centrum Financial Services Ltd. Now, the company only provides some portfolio maintenance activities in supply chain finance to Centrum.
In the housing business, it provides loans against real estate and property finance. The company has a PAN India presence with 223 branches across 21 states and 3 UTs.
The strengths of the company are:
1. Diversified businesses
2. Strong loan procedures
3. Strong risk management framework
4. Brand recognition
| Issue Open | December 16, 2019 - December 17, 2019 |
| Security Name | L&T Finance Ltd |
| Security Type | Secured, Redeemable, Non-Convertible Debentures (Secured NCDs) |
| Issue Size (Base) | Rs 500.00 Crores |
| Issue Size (Shelf) | Rs 5,000.00 Crores |
| Issue Price | Rs 1000 per NCD |
| Face Value | Rs 1000 each NCD |
| Minimum Lot size | 10 NCD |
| Market Lot | 1 NCD |
| Listing At | BSE, NSE |
| Credit Rating | CRISIL AAA/Stable, CARE AAA/Stable, IND AAA/Stable |
| Tenor | 36 months/ 60 months/ 84 months |
| Series | Series I to Series VI |
| Payment Frequency | Monthly, Annual and Cumulative |
| Basis of Allotment | First Come First Serve Basis |
Category  |
NCD's Allocated |
|---|---|
| Category 1 | 10% |
| Category 2 | 10% |
| Category 3 | 35% |
| Category 4 | 45% |
| Category |
NCD's Reserved |
|---|---|
| Category 1 | 500,000 |
| Category 2 | 500,000 |
| Category 3 | 1,750,000 |
| Category 4 | 2,250,000 |
| Total NCD's | 5,000,000 |
| � | Series 1 | Series 2 | Series 3 | Series 4 | Series 5 | Series 6 |
|---|---|---|---|---|---|---|
| Frequency of Interest Payment | Monthly | NA | Monthly | Annually | Monthly | Annually |
| Tenor | 36 Months | 36 Months | 36 Months | 60 Months | 60 Months | 84 Months |
| Coupon Rate (Retail) for Category I & II | 8.25% | NA | 7.96% | 8.45% | 8.15% | 8.50% |
| Coupon Rate (Retail) for Category III & IV | 8.45% | NA | 8.15% | 8.60% | 8.29% | 8.65% |
| Amount on Maturity for Category I & II | Rs 1,000 | Rs 1,268.76 | Rs 1,000 | Rs 1,000 | Rs 1,000 | Rs 1,000 |
| Amount on Maturityfor Category III & IV | Rs 1,000 | Rs 1,275.81 | Rs 1,000 | Rs 1,000 | Rs 1,000 | Rs 1,000 |
The NCDs proposed to be issued under this Issue have been rated "CRISIL AAA/Stable" (pronounced as CRISIL triple A with Stable outlook) for an amount of Rs 5000 crores, by CRISIL Limited ("CRISIL") vide their letter dated November 14, 2019, CARE AAA / Stable (pronounced as CARE triple A with Stable Outlook) for an amount of Rs 5, 000 crores, by CARE Ratings Ltd. ("CARE") vide their letter dated November 15, 2019 and IND AAA / Stable (pronounced as IND triple A with Stable outlook) for an amount of Rs 5,000 crores, by India Ratings and Research Private Limited ("India Ratings") vide their letter dated November 18, 2019.
L&T Finance Holdings Limited is the promoter of the company.
The company proposes to utilise the funds towards funding the following objects:
1. For the purpose of onward lending, financing, refinancing the existing indebtedness of the Company (payment of interest and/or repayment/prepayment of principal of borrowings); and
2. General corporate purposes
The L&T Finance NCD Dec 2019 was subscribed 3.01 times on December 17, 2019 6:00:00 PM. The NCD subscribed .
| Category ? | Subscription (times) |
|---|---|
| Category 4 | 3.04x |
| Category 3 | 4.18x |
| Category 2 (NII) | 1.31x |
| Category 1 (QIB) | 0.44x |
| Total | 3.01x |
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L&T Finance Ltd
7th Floor, Technopolis, A- Wing,
Plot No. - 4, Block - BP, Sector -V,
Salt Lake, Kolkata 700 091, West Bengal
Phone: +91 22 6212 5000
Email: investorgrievances@ltfs.com
Website: https://www.ltfs.com/
Link Intime India Private Ltd
Link Intime India Private Ltd
C 101, 247 Park, L.B.S.Marg,
Vikhroli (West), Mumbai - 400083
Phone: +91-22-4918 6270
Email: ncd.ltinfra2019@linkintime.co.in
Website: https://linkintime.co.in/initial_offer/public-issues.html
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