L&T Finance NCD 2019- Tranche-II
(i) The L&T Finance limited in Feb-19 has submitted the prospectus to SEBI for raising money by issuing secured redeemable Non -convertible debentures of face value of ₹ 1,000 Indian rupees one thousand) each (“secured NCDs”) and / or unsecured , subordinated, redeemable non – convertible debentures of face value of ₹ 1,000 (Indian rupees one thousand) each (“unsecured NCDs ”) for an amount up to ₹ 5000 Cr (“shelf limit”).
(ii)The 5000 Cr to be raised in different Tranches.
(iii) Tranche I
The Company last month has come up with an 1500 Cr NCD in which issue size was Rs 500 crore, with a greenshoe option of Rs 1,000 crore. The company got a very good response and as NCD is ” first come first serve basis” the issue closed in just 2 days. Last month, the company had raised Rs 2,228.06 crore in the first tranche against a plan to mop up Rs 1,500 crore.
Public Issue of Non-Convertible Debentures Of Face Value Of Rs.1000 Each For an amount of Rs. 500 Crore with an option to retain oversubscription up to Rs. 500 Crore Aggregating Up To Rs.1,000 Crore (“Tranche 2 Issue”).
In Tranche-II the company is offering coupon rates for 3, 5 and 8 years between 8.48 to 9.05 which was slightly lower than Tranche-I issue.
Objective of NCD L&T Finance NCD 2019- Tranche-II:
L&T Finance NCD 2019- Tranche-II Details:
|Open Date:||Apr 08 2019|
|Close Date:||Apr 10 2019|
|Issue Size:||₹ 1000 Cr.|
|Face Value:||₹ 1000 Per NCD|
|Market Lot:||10 NCD|
|Minimum Order Quantity:||10 NCD|
|Frequency of Interest payment||Annual||Cumulative||Annual||Monthly||Cumulative||Annual||Monthly|
|Tenure (In Years)||3||3||5||5||5||8||8|
|Coupon (% p.a) - Category I &II||8.70%||NA||8.80%||8.48%||NA||8.85%||8.52%|
|Coupon (% p.a) - Category III, and IV||8.90%||NA||9.00%||8.66%||NA||9.05%||8.70%|
|Effective Yield (% p.a) - Category I||8.69%||8.70%||8.79%||8.81%||8.80%||8.84%||8.86%|
|Effective Yield (% p.a) - Category II,III, IV||8.89%||8.90%||8.99%||9.00%||9.00%||9.04%||9.05%|
Post Tax returns:
Lead Manager of L&T Finance NCD 2019- Tranche-II:
- A. K. Capital Services Limited
- Axis Bank Limited
- Edelweiss Capital Limited
- Trust Investment Advisors Private Limited
Registrar of L&T Finance NCD 2019- Tranche-II:
- Link Intime India Private Limited