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||Apr 8, 2019 - Apr 9, 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 500.00 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||ICRA AAA (stable), CARE AAA (Stable), IND AAA / Stable|
|Tenor||37 months/60 months/ 120 months/|
Series 1 to Series 6
|Payment Frequency||Monthly, Annual and Cumulative|
|Basis of Allotment||Priority Basis|
NCD's allocated in each investor category:
|Category 1 (QIB)||10%|
|Category 2 (NII)||10%|
|Category 3 (HNI)||35%|
|Category 4 (RII)||45%|
|Series 1||Series 2||Series 3||Series 4||Series 5||Series 6|
|Frequency of Interest Payment||Annually||NA||Annually||Monthly||Annually||Monthly|
|Tenor||37 months||37 months||60 months||60 months||120 months||120 months|
|Coupon Rate (Retail) For Category I & II/ for III & IV||9.00%/9.10%||NA||9.10%/9.25%||8.75%/8.89%||9.20%/9.35%||8.84%/8.98%|
|Amount on Maturity For Category I & II/ for III & IV||₹1,000||₹1,304.93/₹1,308.64||₹1,000||₹1,000||₹1,000||₹1,000|
The NCDs proposed to be issued under this Issue have been rated '[ICRA] AAA (stable) (pronounced as ICRA triple A with Stable outlook)' for an amount of ₹ 5,00,000 lakhs, by ICRA Limited ("ICRA") vide their letter dated December 21, 2018 and revalidated vide revalidation letter dated February 1, 2019 and further revalidated by a revalidation letter dated February 20, 2019, CARE AAA / Stable (pronounced as CARE triple A with Stable Outlook) for an amount of ₹ 5,00,000 lakhs, by CARE Ratings Ltd. ("CARE") vide their letter dated December 28, 2018 and revalidated vide revalidation letter dated January 31, 2019 and further revalidated by a revalidation letter dated February 20, 2019 and IND AAA / Stable (pronounced as IND triple A with Stable outlook) for an amount of ₹ 5,00,000 lakhs, by India Ratings and Research Private Limited ("India Ratings") vide their letter dated December 31, 2018 and revalidated vide revalidation letter dated January 31, 2019 and further revalidated by a revalidation letter dated February 20, 2019.
The promoter of the company is L&T Finance Holdings Limited.
Objects of the issue are:
1. The Company proposes to utilise the funds which are being raised through the Issue, after deducting the Issue related expenses to the extent payable by the Company ("Net Proceeds"). 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 which was suppose to close on April 18th is subscribed in a day. NCD public issue will now close on April 9th 2019.
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L&T Finance Ltd.
Technopolis, 7th Floor,
A- Wing, Plot No. - 4, Block - BP, Sector -V,
Salt Lake, Kolkata 700 091
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