L&T Finance Limited NCD (L&T Finance NCD March 2019) Detail

Mar 6, 2019 - Mar 7, 2019
L&T Finance Limited Logo

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 Rs 21,43,287.66 lakhs, with Rs 6,73,562.41 lakhs, Rs 4,27,208.83 lakhs and Rs 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 wereRs 16,48,572.73 lakhs; with Rs 6,19,518.75 lakhs, Rs 7,14,764.85 lakhs, Rs 2,40,321.03 lakhs and Rs 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 Rs 6,86,372.65 lakhs with Rs 10,831.72 lakhs and Rs 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.

L&T Finance NCD March 2019 Detail

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/Stable, CARE AAA/Stable, IND AAA/Stable
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

NCD Allocation Ratio

Category ? NCD's Allocated
Category 1 20%
Category 2 20%
Category 3 30%
Category 4 30%

Coupon Rates for Eash Series

  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 Rs 1,000 Rs 1,304.93 Rs 1,000 Rs 1,000 Rs 1,000 Rs 1,000

NCD Rating

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.

Company Promoters

The promoter is L&T Finance Holdings Limited.

Objects of the Issue

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%

L&T Finance NCD March 2019 Prospectus

L&T Finance NCD March 2019 Rating

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Company Contact Information

L&T Finance Limited
Brindavan, Plot No. 177,
C.S.T. Road, Kalina,
Santacruz (East), Mumbai - 400098

Phone: +91 22 6212 5000

L&T Finance NCD March 2019 Registrar

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


6. Narayanan R     Link|Mar 25, 2019 1:04:37 PM
Today 25.03.2019 not yet alloted L&T finance ncd and amount also not blocked. Pl. Inform the status.
5. Ahmedabadi Tadka     Link|Mar 14, 2019 12:37:41 PM
When is the listing of
L&T finance limited??
4. Nimesh Ariwala     Link|Mar 13, 2019 11:25:09 AM
3. Jaspreet Singh Oberoi     Link|Mar 7, 2019 3:24:41 PM
The issue will close on 7th March.
3.1. Ubi     Link|Mar 10, 2019 1:14:08 PM
When the NCD will be listed in the stock exchange?
2. Ubi     Link|Mar 10, 2019 1:12:51 PM
When the NCD will be listed in the stock exchange?
1. raj narang     Link|Mar 7, 2019 8:58:28 PM
Issue closing on 2nd day is good & shows company's good pedigree , just compare with muthoot finance which is still opened