Comparison between L&T Finance Ltd. NCD April 2019 and Magma Fincorp NCD April 2019.
L&T Finance Ltd. NCD April 2019 is a Secured, Redeemable, Non-Convertible Debentures (Secured NCDs) NCD proposed to list at BSE, NSE while Magma Fincorp NCD April 2019 is a Secured, Redeemable, Non-Convertible Debentures (Secured NCDs) proposed to list at BSE, NSE.
| L&T Finance Ltd. | Magma Fincorp Ltd. | |
|---|---|---|
| Logo |  |  |
| Security Type | Secured, Redeemable, Non-Convertible Debentures (Secured NCDs) | Secured, Redeemable, Non-Convertible Debentures (Secured NCDs) |
| Listing At | BSE, NSE | BSE, NSE |
| Basis of Allotment | First Come First Serve Basis | First Come First Serve Basis |
| DRHP (Base) | ||
| RHP (Base) | RHP  | RHP |
| DRHP (Shelf) | DRHP (Shelf) | DRHP (Shelf) |
| RHP (Shelf) | ||
| 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") 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 Rs 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 Rs 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 NCDs proposed to be issued under this Issue have been rated BWR AA (Outlook: Stable)' by Brickworks Ratings India Private Limited ("Brickworks") for an amount of up to Rs 1,00,000 lakhs vide its letter dated December 21, 2018 and ACUITE AA/Stable by Acuité Ratings & Research Limited (erstwhile SMERA Ratings Limited) for an amount of up to Rs 1,00,000 lakhs vide its letter dated December 28, 2018. The rating of the NCDs by Brickworks and Acuité indicate that instruments with this rating are considered to have high degree of safety regarding timely servicing of financial obligations and carry very low credit risk. |
| Registrar | MUFG Intime India Pvt.Ltd. | Kfin Technologies Ltd. |
| Lead Managers | Trust Investment Advisors Pvt.Ltd. Edelweiss Financial Services Ltd. Axis Bank Ltd. A.K.Capital Services Ltd. | Edelweiss Financial Services Ltd. Catalyst Trusteeship Ltd. A.K.Capital Services Ltd. |
| Debenture Trustees | ||
| NRI Allowed | No | No |
| Allotment Link | Allotment Link | Allotment Link |
Comparison between Issue size, Issue price, Face value, Market lot and other details of the NCDs. L&T Finance Ltd. NCD April 2019 issue size is ₹500.00 Cr at an issue price of ₹1,000.00 per NCD. Magma Fincorp NCD April 2019 issue size is ₹200.00 Cr at a issue price of ₹1,000.00 per NCD.
| L&T Finance Ltd. | Magma Fincorp Ltd. | |
|---|---|---|
| Issue Size (Base) | ₹500.00 Cr | ₹200.00 Cr |
| Issue Size (Shelf) | ₹500.00 Cr | ₹500.00 Cr |
| Issue Price | ₹1,000.00 per NCD | ₹1,000.00 per NCD |
| Face Value | ₹1,000.00 per NCD | ₹1,000.00 per NCD |
| Minimum Lot size | 10 NCD | 10 NCD |
| Market Lot | 1 NCD | 1 NCD |
| Credit Rating | ICRA AAA/Stable, CARE AAA/Stable, IND AAA/Stable | BWR AA/Stable, ACUITE AA/Stable |
| Tenor | 37 months/60 months/ 120 months/ | 3 years/ 5 years/ 10 years |
| Series | Series 1 to Series 6 | Series 1 to Series 7 |
| Payment Frequency | Monthly, Annual and Cumulative | Monthly, Annual and Cumulative |
Offering period of L&T Finance Ltd. NCD April 2019 and Magma Fincorp NCD April 2019 is mentioned.
| L&T Finance Ltd. | Magma Fincorp Ltd. | |
|---|---|---|
| Bid/Offer Opens On | Apr 08, 2019 | Apr 08, 2019 |
| Bid/Offer Closes On | Apr 09, 2019 | May 08, 2019 |
In L&T Finance Ltd. NCD April 2019 QIBs portion includes and offered are offered to retail investors. In Magma Fincorp NCD April 2019 QIBs portion includes and offered are offered to retail investors.
| L&T Finance Ltd. | Magma Fincorp Ltd. | |
|---|---|---|
| Institutional | ||
| Non Institutional | ||
| HNI | ||
| Retail | ||
| Others | ||
| Total | 50,00,000 shares | 20,00,000 shares |
