Incorporated in 1993, Kolkata based L&T Finance Limited is one of the leading private non-banking financial services companies. The company is registered with the RBI as a Non-Banking Finance Company - Core Investment Company ("NBFC-CIC") conducting business through its wholly-owned subsidiaries.
It is a part of the L&T group, a leading business conglomerates in India. The group has interests in infrastructure, power, heavy engineering, electrical and automation, hydrocarbons, IT and technology services, financial services etc.
L&T Finance is into three primary business segments- rural, wholesale and housing. The company's rural business comprises of farm equipment finance, two-wheeler finance and micro loans. As of September 30, 2018, the total adjusted loans and advances under the rural business were ₹ 21,43,287.66 lakhs, with ₹ 6,73,562.41 lakhs, ₹ 4,27,208.83 lakhs and ₹ 10,42,516.42 lakhs of adjusted loans and advances under the farm equipment finance, two wheeler finance and micro loans businesses, respectively.
The wholesale business initially comprised of infrastructure finance, supply chain finance and structured corporate finance. Earlier thisyear, the company has agreed to transfer
its supply chain financing business to Centrum Financial Services Ltd ("Centrum") . As of September 30, 2018, the total adjusted loans and advances under the wholesale business were₹ 16,48,572.73 lakhs; with ₹ 6,19,518.75 lakhs, ₹ 7,14,764.85 lakhs, ₹ 2,40,321.03 lakhs and ₹ 73,968.10 lakhs of adjusted loans and advances under the infrastructure finance, structured corporate finance, debt capital markets and supply chain finance businesses, respectively.
The housing business comprises of loans against property and real estate finance. As of September 30, 2018, the adjusted total loans and advances under the housing business were ₹ 6,86,372.65 lakhs with ₹ 10,831.72 lakhs and ₹ 6,75,540.93 lakhs of adjusted loans and advances under the loans against property and real estate finance, respectively.
The company has 225 branches in 220 cities across 21 states and 3 union territories, as of September 30, 2018. It has 17,998 employees.
|Issue Open||Mar 6, 2019 - Mar 7, 2019|
|Security Name||L&T Finance Limited|
|Security Type||Secured, Redeemable, Non-Convertible Debentures (Secured NCDs)|
|Issue Size (Base)||Rs 500.00 Crores|
|Issue Size (Shelf)||Rs 1,000.00 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||ICRA AAA with Stable Outlook, CARE AAA with Stable Outlook, IND AAA with Stable Outlook|
|Tenor||37 months, 60 months and 120 months|
Series 1 to Series 6
|Payment Frequency||Monthly, Annual and Cumulative|
|Basis of Allotment||First Come First Serve Basis|
|High Net Worth Individual Investors Portion||30%|
|Retail Individual Investors Portion||30%|
|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)||9.10%||NA||9.25%||8.89%||9.35%||8.98%|
|Amount on Maturity||₹1,000||₹1,304.93||₹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 Rs 5,00,000 lakhs, by ICRA Limited ("ICRA"), CARE AAA / Stable (pronounced as CARE triple-A with Stable Outlook) for an amount of Rs 5,00,000 lakhs, by CARE Ratings Ltd. ("CARE") and IND AAA / Stable (pronounced as IND triple-A with Stable outlook) for an amount of Rs 5,00,000 lakhs, by India Ratings and Research Private Limited ("India Ratings"). The rating of NCDs by ICRA, CARE and India Ratings indicate that instruments with this rating are considered to have the highest degree of safety regarding timely servicing of financial obligations and carry lowest credit risk.
The promoter is L&T Finance Holdings Limited.
The objects of the issue are to raise funds-
1. For the purpose of onward lending, financing, refinancing the
existing indebtedness of L&T Finance Limited (payment of the
interest and/or repayment /prepayment of principal of borrowings)- Minimum 75%
2. General Corporate Purposes- Maximum 25%
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