L&T Finance Limited’s public issue of Secured NCDs oversubscribed on day one of opening of Tranche 1 Issue and it announces early closure*

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Mumbai, March 7, 2019: L&T Finance Limited (a wholly owned subsidiary of L & T Finance Holdings Limited) has announced the early closure of its public issue of secured NCDs. The issue was oversubscribed on day one of opening of Tranche 1 Issue on March 6, 2019.  The Company raised a total of Rs. 2228.06 crore worth of subscriptions which is 4.45 times of the base issue size (Rs. 500 crore). HNIs and Retailinvestors’ participation in the Tranche 1 Issue led to an oversubscription of 6.64 times and 6.68 times in respective categories as on the early closure date of March 7, 2019.

The first tranche of the issue included a base issue size for an amount of Rs. 500 crore with an option to retain oversubscription up to Rs. 1,000 crore aggregating up to Rs.1,500 crore. These NCDs have been rated [ICRA] AAA (stable), CARE AAA / Stable and IND AAA / Stable.

This NCD issue is a step in the company’s overall strategic intent of building a retail liability franchise and will further add to the diversity of the borrowing mix in the already diversified liability profile.

*The issue has been oversubscribed based on subscription figures available on the electronic platform of BSE & NSE as on March 07, 2019. For detailed terms & conditions please refer Shelf Prospectus and Tranche 1 Prospectus both dated February 22, 2019. Allotment in the public issue of debt securities should be made on the basis of date of upload of each application into the electronic book of the stock exchange. However, on the date of oversubscription, the allotments should be made to the applicants on proportionate basis.

Pursuant to Tranche 1 Prospectus dated February 22, 2019, the Tranche 1 Issue opened on March 6, 2019 and was scheduled to close on March 20, 2019, may close on such earlier date or extended date as may be decided by the authorised signatory(ies) as authorised by the Board of Directors of our Company pursuant to the resolution dated July 19, 2018 (“Authorised Personnel”). Our Company has exercised the option of early closure and the Authorized Personnel of our Company has vide letter dated March 6, 2019 decided to close the Tranche 1 Issue on Thursday, March 07, 2019. For detailed terms and conditions refer both to the Shelf Prospectus and Tranche 1 Prospectus both dated February 22, 2019.

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