L&T Financial Ltd, a part of L&T group is a NBFC, which started financial services business in 1994. L&T Financial has focused on the three main segments: wholesale, rural and housing.
In rural business, the company provides microloans, two-wheeler financing facility and farm equipment financing services.
In the wholesale business, the company offers structured corporate finance and infrastructure finance.
In the housing business, it provides loans against real estate and property finance. The company has a PAN India presence with 223 branches across 21 states and 3 UTs.
|L&T Finance NCD 2022 Details|
|Security Name||L&T Finance Ltd|
|Security Type||Secured, Redeemable, Non-Convertible Debentures (Secured NCDs)|
|Issue Size (Base)||Rs 500.00 Crores|
|Issue Size (Shelf)||Rs 500.00 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||CRISIL AAA/Stable, ICRA AAA, IND AAA/Stable|
|Tenor||36 months/ 60 months/ 84 months|
|Series||Series I to Series VI|
|Payment Frequency||Monthly, Annual and Cumulative|
|Basis of Allotment||First Come First Serve Basis|
The NCDs proposed to be issued under this Issue have been rated “ICRA AAA” for an amount of Rs 5000 crores, by ICRA Limited vide their letter dated September 9, 2022, CRISIL AAA/stable (pronounced as CRISIL triple A rating with Stable outlook) for an amount of Rs 5, 000 crores, by CRISIL vide their rating letter dated September 13, 2022 and IND AAA/stable for an amount of Rs 5,000 crore by India Ratings & Research vide their rating letter dated September 12, 2022.
|NCD Allocation Ratio|
|Coupon Rates for Eash Series|
|Series 1||Series 2||Series 3||Series 4||Series 5||Series 6|
|Frequency of Interest Payment||Monthly||NA||Monthly||Annually||Monthly||Annually|
|Tenor||36 Months||36 Months||36 Months||60 Months||60 Months||84 Months|
|Coupon Rate (Retail) for Category I & II||8.25%||NA||7.96%||8.45%||8.15%||8.50%|
|Coupon Rate (Retail) for Category III & IV||8.45%||NA||8.15%||8.60%||8.29%||8.65%|
|Amount on Maturity for Category I & II||Rs 1,000||Rs 1,268.76||Rs 1,000||Rs 1,000||Rs 1,000||Rs 1,000|
|Amount on Maturity for Category III & IV||Rs 1,000||Rs 1,275.81||Rs 1,000||Rs 1,000||Rs 1,000||Rs 1,000|
Objects of the Issue
The company proposes to utilize the funds towards funding the following objects:
1. For the purpose of onward lending, financing, refinancing the existing indebtedness of the Company (payment of interest and/or repayment/prepayment of principal of borrowings); and
2. General corporate purposes
|Financial Snapshot (Rs. In Crore)|
|Period Ended||Total Revenue||Profit After Tax||Net Worth|
|Address of the Company
L&T Finance Ltd, 7th Floor, Technopolis, A- Wing, Plot No. – 4, Block – BP, Sector -V, Salt Lake, Kolkata 700 091, West Bengal
L&T Finance NCD 2022 Lead Managers
A.K. Capital Services Limited, JM Financial Consultants Private Limited, Trust Investment Advisors Private Limited
Catalyst Trusteeship Limited
L&T Finance NCD Sep 2022 Registrar
Link Intime India Private Ltd
L&T Finance NCD 2022 Analysis & Guidance: The company belongs to Larsen & Toubro ltd, one of best managed and one of strongest company of India. L&T Finance has diverse loan portfolio which reduces the risk of NPAs. The coupon rates for different categories and different tenure are also very attractive. Must Apply NCD.